Answered: Which of the following would be…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 1MC: Which of the following is any reporting period shorter than a full year (fiscal or calendar) and can...

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A fiscal period is any period of time covering a complete accounting cycle. A fiscal year consists of 12 consecutive months. The accounting cycle represents the sequence of steps in the accounting process completed during the fiscal period.

Which of the following would be considered a fiscal year? (Select "Yes" for the items that are applicable and "No" for the items that do not apply)

August 1, 20-- to November 30, 20--
January 1, 20-- to December 31, 20--
May 1, 20-- to April 30, 20--
July 1, 20-- to June 30, 20--

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Step 1

Solution:

Introduction:

Accounting cycle means steps in the process of accounting followed and completed in a sequence/ an order during the fiscal Year.

Fiscal Year means usually a consecutive twelve months period. It covers an accounting cycle during such period.

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