The length of time covered by periodic financial statements and other reports is the
A) Fiscal year
B) Natural business year
C) Accounting period
D) Business cycle
E) Operating cycle

Question

Quizplus · Accepted Answer

The accounting period is the length of time covered by periodic financial statements and other reports, such as the income statement and balance sheet. This period can vary depending on the company's reporting requirements or fiscal year, which may be different from the calendar year. Typically, the accounting period is 12 months, but it could be shorter or longer depending on the reporting needs of the company.

The Length of Time Covered by Periodic Financial Statements and Other