The fiscal year of a business is usually determined by
A) the IRS.
B) a lottery.
C) the business.
D) the SEC.

Question

Quizplus · Accepted Answer

The fiscal year of a business is usually determined by the business itself. It is typically a 12-month period that may or may not coincide with the calendar year. The choice is not A because the IRS may require businesses to choose a fiscal year that complies with specific tax rules. The choice is not B because a lottery is not a standard way of determining the fiscal year. The choice is not D because the SEC oversees financial reporting by publicly traded companies but does not dictate their fiscal year.

The Fiscal Year of a Business Is Usually Determined by