Which of the Following Statements Regarding a 52-53 Week Tax

question 51

Multiple Choice

Which of the following statements regarding a 52-53 week tax year is correct?

• A)The year-end must be the same day of the week in all years.
• B)The year cannot contain more than 366 calendar days.
• C)Every four years, there will be only 51 weeks.
• D)The year cannot end on a Sunday.
• E)None of these.

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Definitions:

Long-Term Liabilities

Obligations that are not due or payable for a long time, usually for more than a year.

Net Sales

The total revenue from sales reduced by returns, allowances, and discounts.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overhead, payroll, taxation, and interest payments.

Cost of Goods Sold

The total direct costs incurred in producing goods which are sold, including materials and labor.