An Annual Reporting Period Consisting of Any Twelve Consecutive Months

question 219

Multiple Choice

An annual reporting period consisting of any twelve consecutive months is known as:

• A) Fiscal year.
• B) Calendar year.
• C) Interim financial period.
• D) Natural business year.
• E) Seasonal year.

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Definitions:

Financial Statements

Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Accrued Taxes Payable

Taxes that have been incurred but not yet paid, recorded as a liability on the company's balance sheet.

Current Liability

A financial obligation or debt that is due within one year or within the normal operating cycle of a business.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of the company’s financial condition.