TeachMeFinance.com - explain fiscal year
fiscal year -- Any 12-month period used by a company or
government as an accounting period.
fiscal year -- A yearly accounting period. The U.S. federal government's fiscal
year begins October 1 and ends September 30.
Fiscal years are designated by the calendar years in which they end--for example, fiscal
year 2003 will begin October 1,
2002, and end September 30, 2003. The budget year is the fiscal year for which
the budget is being considered. In relation
to a session of Congress, it is the fiscal year that starts on October 1 of the calendar
year in which that session of Congress
begins. An out-year is a fiscal year following the budget year. The current
year is the fiscal year in progress.
fiscal year -- any consecutive 12 months designated as the time frame for financial reporting and preparation of balance sheets, profit and loss statements, and other financial summations.
Fiscal year -- The twelve months counted as a year in financial operations. The fiscal year of the United States government and of a majority of corporations ends on June 30.
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