Fiscal Year and Fiscal Period Quiz
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Questions and Answers

How many fiscal periods are there to which General Ledger entries can be posted at UCI?

  • 10 fiscal periods
  • 15 fiscal periods (correct)
  • 20 fiscal periods
  • 12 fiscal periods
  • When does the fiscal year at UCI begin and end?

  • July 1 - June 30 (correct)
  • January 1 - December 31
  • June 1 - May 31
  • August 1 - July 31
  • How many working days after the month has ended are included in most fiscal periods at UCI?

  • 2 working days
  • 3 working days
  • 7 working days
  • 5 working days (correct)
  • When can a general error correction (GEC) be posted to the September Fiscal Period at UCI?

    <p>As late as Oct. 6</p> Signup and view all the answers

    How many special fiscal periods exist at UCI apart from the 12 regular months?

    <p>3 special periods</p> Signup and view all the answers

    Study Notes

    Fiscal Periods at UCI

    • There are 14 fiscal periods in which General Ledger entries can be posted at UCI.
    • The fiscal year at UCI begins on July 1 and ends on June 30.
    • Most fiscal periods at UCI include 5 working days after the month has ended.
    • A General Error Correction (GEC) can be posted to the September Fiscal Period at UCI until October 7.
    • There are 2 special fiscal periods at UCI, in addition to the 12 regular months.

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    Description

    Test your knowledge of fiscal years and fiscal periods with this quiz. Explore the concepts of fiscal year and fiscal period, and understand their significance in accounting and financial reporting.

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