Fiscal Year End: Financial Reporting Quiz

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1. Effective December 31, 2013, Forest City will be changing its fiscal year-end from the 12 months ended January 31, 20xx to the 12 months ended December 31, 20xx. 

Explanation

The given statement is true. It states that Forest City will be changing its fiscal year-end from the 12 months ended January 31, 20xx to the 12 months ended December 31, 20xx. This means that starting from December 31, 2013, Forest City will align its fiscal year with the calendar year, ending on December 31st instead of January 31st.

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Fiscal Year End: Financial Reporting Quiz - Quiz

Fiscal year end: financial reporting quiz. Businesses are expected to have end year reports so as to check their liquidity in the year and check its year to year growth. Do you know which statements that should be prepared and how to determine what month should be the yearend report... see moretime? Take up this quiz and get to refresh your memory on some of the basics surrounding financial reporting for companies. see less

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2. To run financial reports with calendar-based results, the user must select ____ for the fiscal year variant.

Explanation

To run financial reports with calendar-based results, the user must select the fiscal year variant "Z1".

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3. January 2014 transactions on a formerly January year-end company are recorded in which accounting period?

Explanation

January 2014 transactions for a formerly January year-end company will be recorded in Period 1, 2014.

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4. To run financial reports with fiscal based results, the user must select ____ for the fiscal year variant.

Explanation

To run financial reports with fiscal based results, the user must select "Z2" for the fiscal year variant. This indicates that the system should use the fiscal year variant Z2 to generate the reports. The fiscal year variant determines the structure and duration of the fiscal year, such as the start and end dates, and is essential for accurately calculating financial data based on the fiscal calendar. Selecting Z2 ensures that the reports reflect the correct fiscal year's data.

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5. There are 12 months of 2013 Actuals results for January year-end companies in Z2 (fiscal basis). 

Explanation

There is no dataset that provides 12 months of Actuals 2013 for January year-end companies.

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6. The stub period for January year-end companies is Period 12, 2013.

Explanation

Yes, there is no activity recorded in Period 12, 2013 for January year-end companies. The January transactions will be recorded in Period 1, 2014 in the general ledger. December year-end companies do not have a "stub" period, as the accounting periods already align to a calendar year-end.

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7. Historical financial data for Actuals have been shifted to a calendar basis in Z1 for comparative reporting purposes for which year?

Explanation

Only 2013 contains 12 months of financial results on a calendar basis in the Z1 cubes.

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8. A Journal Entry dated June 25, 2013, for a January year-end company is posted to

Explanation

A June transaction is still a June transaction. The period that calendar month June aligns to is Period 6 in Z1.

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9. Please match the appropriate fiscal year variant with the corresponding data set.
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Effective December 31, 2013, Forest City will be changing its fiscal...
To run financial reports with calendar-based results, the user must...
January 2014 transactions on a formerly January year-end company are...
To run financial reports with fiscal based results, the user must...
There are 12 months of 2013 Actuals results for January year-end...
The stub period for January year-end companies is Period 12, 2013.
Historical financial data for Actuals have been shifted to a calendar...
A Journal Entry dated June 25, 2013, for a January year-end company is...
Please match the appropriate fiscal year variant with the...
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