If the income statement covered a six-month period ending on November 30,2013,the third line of the income statement heading would read
A) Month Ended November 30,2013.
B) November 30,2013.
C) Six-month Period Ended November 30,2013.
D) Month of November,2013.

Question

Quizplus · Accepted Answer

Since the income statement covers a six-month period, it is best to indicate this in the heading. Option C clearly states that the period covered is a six-month period ending on November 30, 2013. Options A and D are incorrect because they only indicate a one-month period. Option B is also incorrect because it does not specify the length of the period covered.

If the Income Statement Covered a Six-Month Period Ending on November