Final answer:
The balance sheet dates may vary yearly due to specific reporting requirements, regulatory guidelines, or industry practices that align with fiscal periods to accurately represent financial performance.
Step-by-step explanation:
The balance sheet may end on different days each year due to the reporting practices of an entity. While many businesses have a fixed fiscal year end, banks and other institutions may align their balance sheet with specific regulatory requirements, reporting periods, or industry practices that may vary from year to year. This variation ensures that the bank's performance is accurately represented for the entirety of a reporting period, even if this means the balance sheet date changes year to year.