Asked by albandari aljuaid on May 07, 2024
Verified
A company's fiscal year must correspond with the calendar year.
Fiscal Year
A twelve-month period used for accounting purposes and preparing financial statements, which may or may not align with the calendar year.
Calendar Year
A calendar year refers to the one-year period beginning on January 1 and ending on December 31, used for most civil purposes and by many businesses for accounting and taxation.
- Acquire knowledge about the fiscal year and its impact on the recording of financial activities.
Verified Answer
KB
Kaitlin BurwellMay 10, 2024
Final Answer :
False
Explanation :
A company's fiscal year can start and end on any date, not necessarily January 1st to December 31st.
Learning Objectives
- Acquire knowledge about the fiscal year and its impact on the recording of financial activities.