Fiscal Year End: Financial Reporting Quiz

9 Questions | Total Attempts: 275

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Fiscal Year End: Financial Reporting 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 time? Take up this quiz and get to refresh your memory on some of the basics surrounding financial reporting for companies.


Questions and Answers
  • 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. 
    • A. 

      True

    • B. 

      False

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

      Z1

    • B. 

      Z2

  • 3. 
    To run financial reports with calendar-based results, the user must select ____ for the fiscal year variant.
    • A. 

      Z1

    • B. 

      Z2

  • 4. 
    Historical financial data for Actuals have been shifted to a calendar basis in Z1 for comparative reporting purposes for which year?
    • A. 

      2011

    • B. 

      2012

    • C. 

      2013

    • D. 

      2014

  • 5. 
    The stub period for January year-end companies is Period 12, 2013.
    • A. 

      True

    • B. 

      False

  • 6. 
    There are 12 months of 2013 Actuals results for January year-end companies in Z2 (fiscal basis). 
    • A. 

      True

    • B. 

      False

  • 7. 
    January 2014 transactions on a formerly January year-end company are recorded in which accounting period?
    • A. 

      Period 12 2013

    • B. 

      Periods 13-16 2013

    • C. 

      Period 0 2014

    • D. 

      Period 1 2014

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