The fiscal year selected by companies
A) is the same as the calendar year
B) begins with the first day of the month and ends on the last day of the twelfth month
C) must always begin on January 1
D) will change each year

Question

Quizplus · Accepted Answer

Companies can choose any 12-month period as their fiscal year, and it does not have to align with the calendar year. Option B describes a common approach where the fiscal year starts on the first day of a month and ends on the last day of the twelfth month.

The Fiscal Year Selected by Companies