Question

True or False. If the heading on a report reads "For the year ended June 30," we can assume that the report covers a fiscal year and a full 12-month period.

Answer 1

Answer: True

Explanation: In accounting, the heading of a report is to show if its a full years report or not.

For a report with the heading "For the year ended June 30,' it shows that the report is a one year report which is a twelve months calendar report.

For reports that are up to one year, their heading usually reads : ' A Nine months report ending 31st January' or 'A Eleven months report ending 31st March'.