Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or the other; if so, why?

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 14DQ
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Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or the other; if so, why?

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