When are financial reports required of a company?
A) on December 31
B) on June 30
C) at the end of the firm's fiscal year
D) at the end of each month
E) weekly
Answer: C
Explanation: C) Fiscal reports are required at the end of the firm's fiscal year. This could be on December 31, June 30, September 30, or at any time that coincides with the end of the industry's natural cycle.
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