Western Company Has an Annual Reporting Period That Runs from July

question 170

Multiple Choice

Western Company has an annual reporting period that runs from July 1 through June 30.Based on this information,which of the following is a true statement?

• A)Western probably has little seasonal variation in their sales.
• B)Western has violated the time period principle.
• C)Western must prepare financial statements as of December 31 each year.
• D)Western has adopted a fiscal year.
• E)Western does not have an accountant.

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Definitions:

Mesothelium

A simple squamous epithelium that lines the major cavities of the body and covers the surface of internal organs.

Visceral

Relating to the internal organs of the body, especially those within the chest or abdomen.

Parietal

Relating to the walls of a cavity or part, often used in reference to a region of the brain or bones of the skull.

Pseudostratified Ciliated Columnar

A type of epithelial tissue lining some air passages of the respiratory system, characterized by a single layer of cells with varying heights that appear stratified.