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ABC Inc. wants to have 16 accounting periods that include an adjusting period for each quarter in its 4-5-4 accounting calendar. Its fiscal year-end is March 31.
The normal month-end is on a Friday, but the last day of each quarter is always on the last day of the quarter's final calendar month.
Select the remaining setup for the calendar to meet the requirement.
A. defining 12-monthly periods based on the 4-5-4 calendar ending on the last day of each month; defining an adjusting period on the last day of each quarter
B. defining 12-monthly periods based on the 4-5-4 calendar ending on the last Friday of each month; defining an adjusting period on the last Friday of each quarter
C. defining 12-monthly periods based on the 4-5-4 calendar ending on the last Friday of each month, except for the last month of each quarter ending on the last day of the month; defining an adjusting period for each of the last day of the quarter
D. defining 12-monthly periods based on the 4-5-4 calendar ending on the last Friday of each month; defining four adjusting periods for March 31 of the fiscal year
Answer: C
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