Fiscal year is the period that begins on the 1st day of any month of the year except January and ends on the last day of the twelfth month. Which statement best reflects this rule?

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A fiscal year is a 12-month period that starts on the first day of a month other than January and ends on the last day of the twelfth month. Because it must begin on the 1st of a month, but January is excluded, the correct statement is that it may begin on the 1st day of any month except January. For example, starting on February 1 would end on January 31 of the next year, and starting on December 1 would end on November 30 of the next year. Starting on January 1 would violate the rule, starting on July 1 would be too restrictive, and starting on the 15th day would not meet the requirement of beginning on the 1st.