Question

Which of the following best defines the term fiscal year?

A. A calendar year
B. A 12-month period for financial reporting
C. A period of time with 53 weeks
D. A quarter of a year

Answer 1

A fiscal year is a 12-month period for financial reporting that can start on any date but typically begins on October 1 and ends on September 30 of the following year.

Step-by-step explanation:

The term fiscal year is best defined as B. A 12-month period for financial reporting. A fiscal year is a 12-month period used by organizations to report their financial activities. It may not necessarily align with the calendar year, as it can start on any date but typically begins on October 1 and ends on September 30 of the following year.