Any accounting period of twelve months' duration is usually referred to as a(n)
A) fiscal year.
B) calendar year.
C) physical year.
D) operational year.

Question

Quizplus · Accepted Answer

A period of twelve months used for accounting and financial purposes is commonly called a fiscal year. This can differ from a calendar year, which runs from January 1st to December 31st, and can vary depending on a company's accounting practices and reporting requirements. Physical year and operational year are not commonly used terms in accounting.

Any Accounting Period of Twelve Months' Duration Is Usually Referred