Which of the following is true regarding a company's fiscal year?

Question

Quizplus · Accepted Answer

A company's fiscal year does not always correspond to the calendar year, as it can start and end at any point in the year. The fiscal year is usually chosen to correspond to a company's slow period, allowing for better financial planning and budgeting. The Financial Accounting Standards Board does not assign a year end to each company, as the choice of fiscal year is determined by the company itself. Therefore, the only true statement is that it usually corresponds to a company's slow period.

Which of the Following Is True Regarding a Company's Fiscal