Fiscal Year End: Financial Reporting Quiz

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| By FCEFYE

FCEFYE

Community Contributor

Quizzes Created: 2 | Total Attempts: 414

Questions: 9 | Attempts: 326 | Updated: Mar 20, 2023

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Fiscal Year End: Financial Reporting Quiz - 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
Correct Answer
A. True

Explanation
The given statement is true. It states that 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. This means that starting from December 31, 2013, Forest City will align its fiscal year with the calendar year, ending on December 31st instead of January 31st.

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2.

To run financial reports with fiscal based results, the user must select ____ for the fiscal year variant.
- A.
  
  Z1
- B.
  
  Z2
Correct Answer
B. Z2

Explanation
To run financial reports with fiscal based results, the user must select "Z2" for the fiscal year variant. This indicates that the system should use the fiscal year variant Z2 to generate the reports. The fiscal year variant determines the structure and duration of the fiscal year, such as the start and end dates, and is essential for accurately calculating financial data based on the fiscal calendar. Selecting Z2 ensures that the reports reflect the correct fiscal year's data.

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3.

To run financial reports with calendar-based results, the user must select ____ for the fiscal year variant.
- A.
  
  Z1
- B.
  
  Z2
Correct Answer
A. Z1

Explanation
To run financial reports with calendar-based results, the user must select the fiscal year variant "Z1".

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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
Correct Answer
C. 2013

Explanation
Only 2013 contains 12 months of financial results on a calendar basis in the Z1 cubes.

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5.

The stub period for January year-end companies is Period 12, 2013.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Yes, there is no activity recorded in Period 12, 2013 for January year-end companies. The January transactions will be recorded in Period 1, 2014 in the general ledger. December year-end companies do not have a "stub" period, as the accounting periods already align to a calendar year-end.

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6.

There are 12 months of 2013 Actuals results for January year-end companies in Z2 (fiscal basis).
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
There is no dataset that provides 12 months of Actuals 2013 for January year-end companies.

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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
Correct Answer
D. Period 1 2014

Explanation
January 2014 transactions for a formerly January year-end company will be recorded in Period 1, 2014.

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Current Version
Mar 20, 2023

Quiz Edited by
ProProfs Editorial Team
Aug 26, 2013

Quiz Created by
FCEFYE

Fiscal Year End: Financial Reporting Quiz

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.

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

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

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

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

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

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