Which of the following is any reporting period shorter than a full year (fiscal or calendar) and can encompass monthly, quarterly, or half-year statements? A. fiscal year B. interim period C. calendar year D. fixed year
Which of the following is any reporting period shorter than a full year (fiscal or calendar) and can encompass monthly, quarterly, or half-year statements? A. fiscal year B. interim period C. calendar year D. fixed year
Which of the following is any reporting period shorter than a full year (fiscal or calendar) and can encompass monthly, quarterly, or half-year statements?
A. fiscal year
B. interim period
C. calendar year
D. fixed year
Expert Solution & Answer
To determine
Concept introduction:
Stockholder’s Equity:
Stockholders Equity includes the paid up amount of all stocks (Common as well as preferred) issued and retained earnings balance. It represents the amount owed to the stockholders by the company. Stockholders Equity is the section of balance sheet’s equity part.
To choose:
The option that indicates the accounting period less than a year
Answer to Problem 1MC
Interim Period
Explanation of Solution
Explanation for correct answer:
Interim Period indicates the accounting period less than a year. Hence the correct option is B.
Explanation for incorrect answers:
A. Interim Period indicates the accounting period less than a year. Hence this option is incorrect.
C. Interim Period indicates the accounting period less than a year. Hence this option is incorrect.
D. Interim Period indicates the accounting period less than a year. Hence this option is incorrect.
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Interim reports are issued for periods of less than a year, typically as quarterly financial statements. Should these interim periods be viewed as separate periods or integral parts of the annual period?
A fiscal period is any period of time covering a complete accounting cycle. A fiscal year consists of 12 consecutive months. The accounting cycle represents the sequence of steps in the accounting process completed during the fiscal period.
Which of the following would be considered a fiscal year? (Select "Yes" for the items that are applicable and "No" for the items that do not apply)
August 1, 20-- to November 30, 20--
January 1, 20-- to December 31, 20--
May 1, 20-- to April 30, 20--
July 1, 20-- to June 30, 20--
Notes payable due in six months are reported asa. current liabilities on the balance sheet.b. current liabilities on the income statement.c. contra-assets on the income statement.d. long-term liabilities on the balance sheet
Construction Accounting And Financial Management (4th Edition)
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