Question

Periodic reports may be omitted if the member received an observed regular report ending no more than how many months prior to the periodic report date?

Answer 1

A periodic report may be omitted if the member received an observed regular report ending no more than 12 months prior to the periodic report date.

Step-by-step explanation:

The question is related to the omission of periodic reports and mentions a regular report. In the context of business, these terms are commonly associated with financial reporting. In this case, the question is asking about how recent a regular report needs to be in order for a periodic report to be omitted.

The answer to the question is that a periodic report may be omitted if the member received an observed regular report ending no more than 12 months prior to the periodic report date.

For example, if a company receives a regular report covering the last quarter of the previous year, they can omit the periodic report for the next quarter if it is within the 12-month time frame.