UNIT1: accounting environment, decision making, and theory

Question 1

what is a fiscal year?

Answer 1

A fiscal year usually refers to an accounting year that does not end on December 31.
For examples, the fiscal years used by U.S. corporations include: the 12 months of February 1 through January 31.

Question 2

product profitabality?

Answer 2

the difference between the revenues earned from, and the total costsassociated with, a product over a specified period of time.