how do i reply to this disscusion broad $?3.$ Explain the terms fiscal year, calendar year, and interim periods

$$a$-$ "Calendar Year" refers to the actual annual calendar.$$ Many small businesses and personal$$ accounts are following this calendar.$$ It is easy to align with the tax season and makes sense for ease of use to many. This type of calendar also makes it easy at the end of the Calendar Year to easily be able to calculate profits and losses for that year.$$

$$b$-$ "Fiscal Year" the fiscal year means the financial year the company has determined to make the most financial sense.$$ A company can choose whichever $12$ month period it wishes but uses those same dates year after year.$$ There are some businesses that have a particular standard that the majority would go by$.$ For example many retailers want the holiday sales at the end of the year to positively reflect in the numbers so they choose to have a calendar year that ends January $31$st so all the December transactions should be recorded.

$$c$-$ "Interim Periods" $-$ Corporations and publicly traded companies report in Interim Periods or Quarters.$$ This allows the companies to report to the board members and stakeholders in the business in a quarterly fashion being able to keep them informed of their interest in the company and how that company is performing financially.

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$4.$ Why may a trial balance not contain up$-$to$-$date and complete financial information?

$$a$-$ I would easily explain this by saying that the trial balance is not a real time document.$$ When you pull it up it may not have been adjusted or had the entries for the day added. There will be revenues coming in and payments being made throughout the day.$$ There are also audits going on that may determine that the account needs an adjustment to bring it to balance.$$