What type of business would choose a fiscal year (that corresponds to its natural business year) instead of a calendar year?

Q: What is the annual report, and what two types of information doesit present?

A: Annual report is the report of a company’s performance to its stake holders.

Q: One operation cycle of a business, which  be a month  quarter,  or year,is commonly referred to as…

A: Accounting Cycle: It  refers to the entire process of recording the accounting transactions of an…

Q: Accountants refer to the period of time from October 1 - December 31 as "busy season."  True  False

A: Following is the answer to the given question

Q: which of the following end of teh accounting period is mosi ideal for a business? a. natural…

A: Accounting period The accounting period means the period during which accountants perform functions…

Q: Which of the following is true? Group of answer choices A. Companies may choose to end their fiscal…

A: The term "fiscal year-end" refers to the end of any 12-month or one-year accounting period that is…

Q: Prepare a year-end balance sheet for each year accounting period.

A: vAG

Q: When is the does company fiscal year end?

A: Fiscal year- It is the 12 month period which company uses for the purpose of accounting i.e.,…

Q: What is the effect on XYZ's accounting equation in June when it remitted the $10,000?

A: Solution:- Preparation of the Effect on XYZ accounting equation, when it remitted $10,000 Cash…

Q: What is the annual report, and what two types of information does it provide?

A: Annual report is a statement published by companies to report the operations and financial position…

Q: Identify the 4 financial statements of a business and the time period each statement covers. What…

A: A financial statement is a set of structured statements that contain all the financial information…

Q: nual reports and why ar

A: To explain the items of annual report as,

Q: What is the balance of D's capital account at the end of the second year?

A: The partnership between partners and the distribution of profits and losses is governed by mutual…

Q: What is the value of the balance carried forward into November?

A: VAT Control Account is prepared to records the entries related to VAT. Under this account, all the…

Q: Is the general practice of making provisions at the end of the year a great idea for the fourth…

A: Provisons in accounting are an amount which is reserved to cover a probable future expense or reduce…

Q: Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or…

A: Fiscal year is a 12 months period, which normally starts from Apr 1 to Mar 31 of next year. Calendar…

Q: Which of the following is true? A. Companies can select any day except a holiday to end their fiscal…

A: Ans. The determination of the end of a fiscal year is very important for accounting purposes. It…

Q: What is a calendar year? What is a fiscal year?

A: The question is based on the concept of accounting theory

Q: how did the change in the journal entries affect the net income of the company at year-end?

A: Income statement includes revenue incomes and revenue expenses which will affect the net income…

Q: When / what date is the fiscal year if the ending is March 31,2020?

A: Fiscal year refers to the year or period which is for a period of 12 months, which could be July 1 -…

Q: The financial statement that presents a summary of the revenues and expenses of a business for a…

A: The financial statements of the business includes balance sheet and income statement of the…

Q: TRUE or FALSE An entity can begin its operation in a calendar year or fiscal year.

A: The calendar year starts on January 1 and ends on December 31. but the fiscal year is a time period…

Q: What amount should be recorded by Rosas Company as Estimated Liability for the current year?

A: Estimated Liability at the end of the year is the expected amount of mugs yet to be distributed for…

Q: Which accounting concept or principle requires companies to divide their activities into small time…

A: It is a general accounting pratice to divide the activities of the companies into small time…

Q: how can the balance at the end of any year be determined?

A: The amount of cash, assets or liabilities remaining with the company at the end of the year is…

Q: What is the fiscal year? Why might companies choose to use a fiscal year that is not a calendar…

A:

Q: How have the accounting regulations governing the accounting for SPE’s changed over the past 20…

A: Special Purpose Entity It is a legally separate business that absorbs risk for a corporation. A…

Q: What are the accounts that remain open and carried over from year to year?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: tional revenue numb

A: Seasonality is the term meaning the fluctuations within the sales revenue caused by external factors…

Q: The accounting Period concept for a business means: A.The accouting year must match the financial…

A: Accounting Period concept: This is also called the concept of definite accounting period. As per…

Q: On the first day of the fiscal year, a company iss

A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value…

Q: How does receiving a utility bill to be paid next month affect the accounting equation?

A: Accounting equation: Assets = Liabilities + Stockholders' equity

Q: What is the Balance for December 31?

A: Accounting equation shows the effectiveness of double entry books system where each transaction…

Q: 1. What is the title of the annual report? How many pages are in the annual report?

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: Which among the following statements shows the financial position of a business as on a particular…

A: The income statement determines the net income of the business by subtracting the total expenses…

Q: nancial year stating up to.......

A: The financial year is the period during which money is earned. Salaried professionals and senior…

Q: How will affect in Accounting equation the paid salaries for the month.

A: Accounting equation will consists of three important elements. These are assets, liabilities and…

Q: What is the amount of liabilities as of March 31 of the current year?

A: Basic accounting equation: The basic accounting equation represents (ASSETS= EQUITY-LIABILITIES),…

Q: What type of business is most likely to select a fiscal year that corresponds to its natural…

A: Fiscal year is a period of 52 week used by the businesses for reporting purposes. It can be…

Q: Which accounts remain open at end of year and carried over to the following year?

A: Introduction: Temporary accounts: At the end of the accounting period all temporary accounts are…

Q: What would be the result if a company inadvertently neglected to close out one of its expense…

A: Closing process in accounting means closing out all the income and expense accounts by using income…

Q: Determine Picasso Art School's Net Income for February using the accrual basis of accounting?

A: Accrual basis of accounting:   Accrual basis of accounting refers to recognizing the financial…

Q: Which of the following would be considered a fiscal year? (Select "Yes" for the items that are…

A: Solution: Introduction: Accounting cycle means steps in the process of accounting followed and…

Q: If a business had a net loss for the year, where would the net loss be reported on the worksheet?

A: Net loss: When the earned revenues are more than the cost or expenses incurred, it is termed as net…

Q: Which of the following is true regarding a fiscal year? Group of answer choices A. Companies can…

A: Solution: A fiscal year is a 12 months period chosen by a organization to report is financial…

Q: What is the balance of accounts payable at May 31st?

A: Accounts payable balance should be as per terms of cash payment.

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.