Question

Question: Choose from the following list of terms/phrases to best complete the statements below.

a. Fiscal year d. Accounting period g. Natural business year

b. Timeliness e. Annual financial statements h. Time period assumption

c. Calendar year f. Interim financial statements i. Quarterly statements

1. presumes that an organization’s activities can be divided into specific time periods.

2. Financial reports covering a one-year period are known as .

3. A(n)consists of any 12 consecutive months.

4. A(n)consists of 12 consecutive months ending on December 31.

5. The value of information is often linked to its .

Short answer

Answer:

Calendar year is the correct option.

Step-by-step solution

Step-by-Step Solution Step 1: Definition of financial statements 

The financial statement contains all the records of the activities performed by the company in a year

Consists of 12 consecutive months

A calendar year is a year that consists of 12 consecutive months ending December 31. A calendar year is also known as the regular year. Calendar year is always start with the first day of the January and end with the last day of the December.