Question 7 A company's fiscal year may: O Be for a period either greater or less than 12 months O Be any portion of a year including a month or quarter OAll of the above are true of a company's fiscal year O Be the same as the calendar year Question 8 Which of the following is one effect of a purchase of $600 of supplies on credit? It would decrease liabilities by $600 OIt would decrease cash assets by $600 OIt would increase liabilities by $600 O It would decrease retained earnings by $600