In accounting, "year-end" is typically the period _______.
A)when the client's accounting year has substantially finished, and the account balances reflect the totals for the entire year under audit
B)that is 4-6 weeks after the auditors leave the client's location
C)during the latter part of the third quarter and into the fourth quarter
D)when most of the audit planning and risk assessment occur

Question

Quizplus · Accepted Answer

Year-end is typically the period when the client's accounting year has substantially finished, and the account balances reflect the totals for the entire year under audit. It is the point when auditors can start reviewing the year's financial transactions, collecting evidence, and compiling the financial statements.

In Accounting, "Year-End" Is Typically the Period _______