Question

The 12-month period a business chooses for its accounting period is a/an A. calendar year. B. accounting period. C. fiscal year. D. accounting cycle.

Answer 1

The accounting period is also referred to as reporting period. It is the time period for which a company or organization make reports about its financial performance and financial results.
Calendar year is the accounting period that follows the regular calendar year, from January to December.
Accounting period is the general term that describes accounting periods.
Fiscal year or financial year is the general term used to describe an annual accounting period.
Accounting cycle on the other hand is the process of making the financial reports.
According to these definitions,
he 12-month period a business chooses for its accounting period is a fiscal year.