Fiscal year-end refers to the completion of a one-year, or 12-month, accounting period. If a company has a fiscal year-end that is the same as the calendar year-end, it means that the fiscal year ends on December 31.

What are accounting reports covering a one year period?

An annual reporting (or accounting) period covers one year and refers to the preparation of annual financial statements. The annual reporting period is not always a calendar year that ends on December 31.

Which financial statement does not cover a period of time?

Elements of a Balance Sheet The balance sheet is run for a specific date, not a period of time.

What is an accounting period of 12 months that ends on the last day of any month called?

fiscal year
If the accounting period is for a twelve month period ending on a date other than December 31, then the accounting period is called a fiscal year, as opposed to a calendar year.

When did accounting unit # 1 assignment flashcards come out?

May 20 The company received $2,500 cash payment for the services provided on May 12. May 22 The company provided $3,100 of consulting services on credit. May 25 The company received $3,100 cash payment for the services provided on May 22. May 26 The company paid $1,860 cash for the office equipment purchased on May 3.

When did Kay Company end the year 2012?

The following information was taken from Kay Company�s accounting records for the year ended December 31, 2012: There was no work in process inv… Accounting MCQs | Accounting MCQs

When did the company get paid for office equipment?

May 25 The company received $3,100 cash payment for the services provided on May 22. May 26 The company paid $1,860 cash for the office equipment purchased on May 3. May 27 The company purchased $85 of office equipment on credit. May 28 The company paid $760 cash for an assistant’s salary for the second half of this month.