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

Question

Quizplus · Accepted Answer

The length of time covered by periodic financial statements and other reports is the accounting period. The accounting period can vary, but it is typically a month, quarter, or year. The fiscal year is a 12-month period set by a business for financial and accounting purposes. The operating cycle is the time it takes for a company to turn its inventory into cash. The natural business year is a 12-month period that aligns with a company's operating cycle. The business cycle refers to the fluctuations in the economy over time.

The Length of Time Covered by Periodic Financial Statements and Other