Any twelve-month accounting period adopted by a company is known as its fiscal year.

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements, which may not necessarily align with the calendar year.

Attain knowledge of the essential elements and aspects of financial reporting, such as its immediacy, ease of understanding, comparability, and verifiability.

Verified Answer

Final Answer :

True

Explanation :

The statement is true.

Learning Objectives

Attain knowledge of the essential elements and aspects of financial reporting, such as its immediacy, ease of understanding, comparability, and verifiability.