Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or the other; if so, why?

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter6: Financial Statements And The Closing Process
Section: Chapter Questions
Problem 6RQ: What is a permanent account? On which financial statement are permanent
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Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or the other; if so, why?

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