ACCOUNT questions below:?

Question

34. A fiscal year ________. (Points: 4)

       ordinarily begins on the first day of a month and ends on the last day of the following twelfth month

       for a business is determined by the federal government

       always begins on January 1 and ends on December 31 of the same year

       should end at the height of the business's annual operating cycle

35. The term "inventory" indicates ________. (Points: 4)

       merchandise held for sale in the normal course of business

       materials in the process of production or held for production

       supplies

       both (a) and (b)

Answer 1

34. A fiscal year ________. (Points: 4)

ordinarily begins on the first day of a month and ends on the last day of the following twelfth month

35. The term "inventory" indicates ________. (Points: 4)

both (a) and (b)