The period of time covered by the income statement is defined to be one fiscal year for all business entities as per the following example:
Income Statement for the Fiscal Year Ended January 31, 2012 The period of January 1, 2011 through January 31, 2012..

Question

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The period covered by an income statement can vary and is not necessarily one fiscal year; it can be for a quarter, a month, or any period defined by the business, as long as it is clearly stated.

The Period of Time Covered by the Income Statement Is