For most entities, the official accounting period is one year, referred to as the fiscal year .
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For most entities, the official accounting period is one year, referred to as the fiscal year . However, financial statements, called interim statements
, usually are prepared for shorter periods. In Part 3 you prepared an income statement for Evergreen Market for the period January 2 through January 8. This was an [annual / interim] statement, and the accounting period was one [week / month / year].
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