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Why might companies choose to use a fiscal year

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Reference no: EM132484833

Question 1: Why might companies choose to use a fiscal year that is not a calendar year?Adjusting entries are completed at the end of the accounting period to record revenues in the period in which they are earned and expenses in the period in which they are incurred. Adjusting entries also update asset and liability accounts. Adjustments are needed to properly measure net income (loss) on the income statement and assets and liabilities on the balance sheet.

Question 2: So what might happen if we forget to accrue our December phone bill?

Reference no: EM132484833

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