An annual reporting period consisting of any twelve consecutive months is known as:
A) Calendar year.
B) Interim financial period.
C) Seasonal year.
D) Fiscal year.
E) Natural business year.

Question

Quizplus · Accepted Answer

A fiscal year is a 12-month reporting period that a company uses for accounting purposes but does not necessarily align with the calendar year. It is often chosen based on the company's business cycle, such as a retail company that has significant sales during the holiday season, or a government agency that operates on a particular budget schedule.

An Annual Reporting Period Consisting of Any Twelve Consecutive Months