ABC.com, a Canadian subsidiary of a U.S. company, wants to have an adjusting period in
addition to its 12 calendar month accounting periods. Its fiscal year end is March 31. It will
use foreign currency translations for its financial reports to the U.S. parent company,
beginning April 2006. The company wants to use accounting period names that show the
calendar year, not fiscal year. It plans to go live beginning April 1, 2006 with conversion of 1
year historical GL balances (fiscal year ending March 31, 2006). Choose the most
appropriate accounting calendar setup.
A.
Period Type: Calendar. Accounting periods named: Apr-05 through Mar-07, with two
adjusting periods named Adj-06 and Adj-07.
B.
Period Type: Calendar. Accounting periods named: Apr-05 through Mar-07, with one
adjusting period named Adj-06.
C.
Period Type: Fiscal. Accounting periods named: Apr-05 through Mar-07, with two
adjusting periods named Adj-06 and Adj-07
D.
Period Type: Fiscal. Accounting periods named: Apr-05 through Mar-07, with two
adjusting periods named Adj-05 and Adj-06.
E.
Period Type: Fiscal. Accounting periods named: Apr-05 through Mar-07, with one
adjusting period named Adj-06.