Accounting Period: Calendar Year vs. Fiscal Year

B - Incorrect (Wrong)

An accounting period can be any time period chosen by a company for financial reporting purposes. While many companies choose a calendar year (January 1 to December 31) as their accounting period, it is not a requirement. Some companies may have a fiscal year that aligns with a different time period, such as April 1 to March 31 or July 1 to June 30. The choice of accounting period depends on the company's needs and preferences.