Which one of the following statements is true with respect to periodic reporting?
a. All companies in the United States are required to have a fiscal year that ends on December 31.
b. The issuance of frequent periodic financial reports reduces the need for accountants to make estimates and judgments.
c. In the United States, only large businesses (those with total assets in excess of $650 million) prepare periodic financial statements.
d. Some financial reports may be prepared on a daily basis.
e. The Securities and Exchange Commission (SEC) requires all publicly traded companies in the United States to file monthly financial statements.