(solution) A fiscal year ordinarily begins on the first day of a month and

(solution) A fiscal year ordinarily begins on the first day of a month and

A fiscal year

ordinarily begins on the first day of a month and ends on the last day of the following twelfth month
for a business is determined by the federal government
always begins on January 1 and ends on December 31 of the same year
should end at the height of the business’s annual operating cycle