Identify Which of the Following Statements Is False

question 61

Multiple Choice

Identify which of the following statements is false.

• A)A corporation's fiscal year generally must end on the last day of the month.
• B)A fiscal year may not end on December 31.
• C)A new corporation can elect a fiscal year that runs from February 16 to February 15 of the following year.
• D)A corporation's first tax year may not cover a full 12-month period.

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Definitions:

Economic Darwinism

Differential variations among firms’ organizational architectures, decision processes, or technologies that affect firms’ chances of survival in a competitive environment. Natural selection is the process whereby those differential variations that increase an organization’s chances of survival will tend to be imitated and become more prevalent in other firms. Managers will not imitate management practices of failing firms but those of successful firms.

Inefficient Behavior

Actions or practices that result in a waste of resources or less optimal outcomes.

Accounting Practices

The standard methods and procedures used by companies to record, report, and manage financial information.

Management Accountants

Professionals who specialize in financial planning, analysis, and reporting for decision-making within organizations.