Refer to the notes to the financial statements in the CVS annual report in the Supplement to

Question:

Refer to the notes to the financial statements in the CVS annual report in the Supplement to Chapter 5. When does CVS end its fiscal year? For what reasons might it have chosen this date? From the standpoint of completing the accounting cycle, what advantage does this date have? Does CVS prepare interim financial statements? What are the implications of interim financial statements for the accounting cycle?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...