5. an accounting period may be classified as either of the
following:
b) FISCAL YEAR - a twelve-months period start on
any month of the year other than
January ends twelve months after
the starting period,e.g.,a business
whose fiscal year start on MAY
1,2016 ends it's fiscal years on
APRIL 30,2017
a twelve months period that start
on January 1 and ends on
December 31.
a) CALENDAR YEAR-
6. GOING CONCERN
is a concept which
assumes that the
business enterprise
will continue to
operate indefinitely.