The fiscal year of a business is usually determined by
A) a government agency.
B) Share holders.
C) the business.
D) the IASB.

Question

Quizplus · Accepted Answer

The fiscal year of a business is usually determined by the business itself based on its accounting or financial reporting system. It typically consists of a 12-month period that begins on the first day of a specific calendar month and ends on the last day of the preceding month. While government agencies or the IASB (International Accounting Standards Board) may have regulations or standards related to financial reporting, they do not determine a business's fiscal year. Shareholders may have a say in certain decisions of a business, but typically not the determination of the fiscal year.

The Fiscal Year of a Business Is Usually Determined by