Western Company has an annual reporting period that runs from July 1^st through June 30^th.Based on this information which of the following is a true statement? A)Western probably has little seasonal variation in their sales B)Western has violated the time period principle C)Western must prepare financial statements as of December 31 each year D)Western has adopted a fiscal year E)Western does not have an accountant

Question

Quizplus · Accepted Answer

Western Company has adopted a fiscal year that runs from July 1^st through June 30^th. This means that their reporting period is different from a calendar year, which is from January 1st to December 31st. By adopting a different fiscal year, Western Company can align their financial reporting period with their operations and business cycle.

Western Company Has an Annual Reporting Period That Runs from July