Question

multiple select question
select all that apply
in defining a reporting period, which of the following statements is (are) correct?
a one - year reporting period is known as the fiscal year.
a reporting period can be one month, one quarter, or one year.
a reporting period is used to determine the due date of payables.
a reporting period refers to each day in the calendar year.
a reporting period is determined by the business.
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Explanation:

• A one-year reporting period is defined as a fiscal year, which aligns with accounting standards.
• Reporting periods are flexible and can be monthly, quarterly, or annual for financial reporting needs.
• Businesses have the authority to select their appropriate reporting period based on operational and regulatory requirements.
• Reporting periods are not used to set payable due dates, nor do they refer to individual calendar days, so options C and D are incorrect.

Answer:

A. A one-year reporting period is known as the fiscal year.
B. A reporting period can be one month, one quarter, or one year.
E. A reporting period is determined by the business.