The length of time covered by a set of periodic financial statements, primarily a year for most companies, is referred to as the:
A) Calendar year.
B) Accounting period.
C) Business cycle.
D) Fiscal year.
E) Natural business year.

Question

Quizplus · Accepted Answer

The length of time covered by a set of periodic financial statements is referred to as the accounting period. It is typically one year for most companies, but can be shorter or longer depending on the company's reporting needs.

The Length of Time Covered by a Set of Periodic