For a manufacturing firm, the choice of reporting date (date at which the books are ‘closed’ and the statement of financial position or balance sheet, income statement and statement of cash flows are...

For a manufacturing firm, the choice of reporting date (date at which the books are ‘closed’ and the statement of financial position or balance sheet, income statement and statement of cash flows are established) is based largely on: (a) Tax constraints (b) Time at which the inventory of finished goods is at its lowest (c) The timing of the major vacation period for most of the personnel and staff (d) The availability of time for the accountants