Final answer:
The statement is true as a fiscal year is a 12-month period used for accounting purposes by an organization, and for the federal government, it runs from October 1 to September 30 of the following year.
Step-by-step explanation:
The statement that the 12 consecutive months (or 52 weeks) selected as an organization's accounting period is called the fiscal year is true. Different organizations may choose different 12-month periods based on their operations and preferences. However, in the context of the federal government, the fiscal year is a specific period that starts on October 1 and ends on September 30 of the following year. This period is used to plan and manage the government's budget, track revenue (taxes), and expenses (spending), and calculate the annual budget deficit or surplus, which is the difference between the tax revenue collected and spending over this period.