Question

The life-cycle reporting process :

1-	matches the company's normal fiscal year reporting.
	is used only when yearly costs are not definable.
	tracks costs, but not revenues, from the beginning to the end of a product's or service's life.
	usually includes several accounting reporting periods.
	is the same as traditional accounting reporting.

	.
	.

Answer 1

Answer: usually includes several accounting reporting periods.

The life cycle reporting is the process of reporting the activities of the business planned throughout it's life. It spreads over more than one accounting year and it considers both revenue and expenses. It is not used because annual expense and income cannot be determined, but to evaluate the performance of business doing throughout the life. It is not similar to traditional accounting because traditional accounting reports annually.