Asked by
Juanita Thomas
on Nov 15, 2024
Verified
The time period for which an income statement is prepared is called the calendar year.
Calendar Year
The period of time from January 1 to December 31 in the Gregorian calendar, used as a standard for financial and business reporting.
- Comprehend the definition and classifications of accounting periods, including the distinctions between calendar and fiscal years.
Verified Answer
DN
Learning Objectives
- Comprehend the definition and classifications of accounting periods, including the distinctions between calendar and fiscal years.