Question

It is common for companies to receive invoices for the previous fiscal year at the beginning of the new fiscal year. Which dates must have the same fiscal year in the document entry?

1) Posting date and entry date.
2) Document date and posting date.
3) Document date and asset value date
4) Posting date and asset value date

Answer 1

The document date and posting date must have the same fiscal year in the document entry.

Step-by-step explanation:

The correct answer is option 2) Document date and posting date must have the same fiscal year in the document entry.

The document date refers to the date on the invoice or document that shows when the transaction took place. The posting date refers to the date when the transaction is recorded in the company's books.

For example, if a company receives an invoice in January 2022 for a transaction that occurred in December 2021, the document date and posting date should both belong to the fiscal year 2021.