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

Question

KonstantinChe [14]

3 years ago

9

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.

Social Studies

1 answer:

Sonja [21] · Answer 1 · 2022-04-06T15:09:03+03:00

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'.