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Financial & Managerial Accounting
Found in: Page 139
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

Question: Choose from the following list of terms/phrases to best complete the statements below.

a. Fiscal year d. Accounting period g. Natural business year

b. Timeliness e. Annual financial statements h. Time period assumption

c. Calendar year f. Interim financial statements i. Quarterly statements

1. presumes that an organization’s activities can be divided into specific time periods.

2. Financial reports covering a one-year period are known as .

3. A(n)consists of any 12 consecutive months.

4. A(n)consists of 12 consecutive months ending on December 31.

5. The value of information is often linked to its .

Answer:

Annual financial statements is the correct option.

See the step by step solution

Step by Step Solution

Step-by-Step Solution Step 1: Definition of financial statements

Financial statements contain the record of every activity performed by the company in a year.

Step 2: Financial statements covering

Financial reports that cover one year are known as annual financial statements. These statements include all the activities of a year. Life of the company is divided in many time periods. Reporting period which is cover the duration of one year is the annula financial statements.

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