Description
Define and discuss a calendar year, accounting period, and fiscal year.
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Running head: ACCOUNTNG TERMS
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ACCOUNTING:
Name:
Institution:
Date:
ACCOUNTNG TERMS
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Calendar Year
A calendar year is the one-year period that starts on January 1st to December 31st. In
business, it refers to all year’s financial information including individual and corporate taxation
processes (Investopedia, 2016). A calendar year which is also called a civil year contains 365
days in a non-leap year and 366 days in a leap calendar year. All businesses or companies are
allowed to ad...
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