Match the following terms with the appropriate definition.
-Any 12 consecutive months or 52-week period that a company adopts for its annual reporting period.
A)Accrued revenues
B)Expense recognition (matching) principle
C)Cash basis accounting
D)Depreciation
E)Accrual basis accounting
F)Interim financial statements
G)Straight-line depreciation
H)Time period assumption
I)Fiscal year

Question

Quizplus · Accepted Answer

The fiscal year refers to any 12 consecutive months or 52-week period that a company chooses for its annual reporting period, differing from the calendar year that starts on January 1st and ends on December 31st.

Match the Following Terms with the Appropriate Definition