An annual reporting period consisting of any twelve consecutive months is known as Fiscal year.
The government and enterprises utilize a fiscal year (FY), usually referred to as a budget year, as the time frame for accounting to create annual financial accounts and reports. A fiscal year may not end on December 31 and is made up of 12 months or 52 weeks.
Government accounting, which differs between nations, and budgeting employ a fiscal year. Additionally, it is employed by companies and other organizations for financial reporting.
Companies and workplace groups use a fiscal year, which is a 12-month period, to submit, review, and communicate their financial accounts, budgets, and objectives. This period of time need not follow the conventional January to December calendar year pattern. Every company has a unique nature when it comes to generating revenue and succeeding.
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Answer:
Indication of items erroneously stated on:
A) the income statement for the year
Salaries Expense will be understated.
Therefore, the Net Income will be overstated.
B) the balance sheet as of October 31:
Salaries Expense Payable (current liabilities) will be understated.
Explanation:
When accrued salaries are not accounted for in the financial statements for an accounting period, it means that the revenues generated for that period are not being matched with the expenses incurred in generating the revenues. Such omission does not agree with the accrual concept and the matching principle of generally accepted accounting principles. These require that expenses are accrued whether paid for or not, and that expenses are matched to the period's revenue since they are necessarily incurred in generating such revenue.
Answer:
b) You should solicit the help of a reliable and qualified mechanic to inspect the car after the purchase.
Explanation:
When a car is purchased from an individual, then there are chances that the car is second hand, and buying a second hand car, will mean that the car has to be inspected before buying.
Thus, inspection is necessary but before buying the car and not after buying, from the mechanic as the car might have some defects.
Accordingly the statement b which states that verification shall be done <u>after</u> buying is false.
Answer:
The value of the six-month European call option is 6.96
Calculations:
After 6 months the option value would be either $12 (for stock price of $60) or $0 (for stock price of $42).
Let us consider a portfolio of
+Δ shares
-1: option
The value of this portfolio is either 4Δ or (60Δ - 12) in 6 months.
Now,
if 42Δ = 60Δ - 12,
then,
Δ = 0.6667
The value of the portfolio is 28 (60×0.6667 - 12).
The portfolio is risk-less for this value of Δ.
Current value of the portfolio = 0.6667×50 - f, where f is the value of the option.
As the portfolio must earn the risk-free rate of interest
Thus,
(0.6667×50 - f) 
= 28
Or
f = 6.96
Let p be the probability of an upward stock price movement in a risk neutral world.
Therefore,
60*p + 42*(1 - p) = 50*
Or
p = 0.616212629
The value option in a risk neutral world is
12*0.6161 + 0*0.3839c = 7.3932
which has a PV of 
= 6.96
Answer:
* Select a cheap and best college wisely
* Save the transportation charge
* Tax-advantaged college's saving plans
* Apply for scholarships
Explanation:
The four factors that could lower the cost for college are as follows:
* Need to select a cheap and best college wisely, this will help to lower the cost of our college.
* Need to reside around the college or inside the campus this will help to save the transportation charge.
* Should take the type of tax-advantaged college's saving plans, this will ensure you to lower the cost for college.
* You can also apply for scholarships in your college this will also help you to save the cost for college.
