Fiscal Year - What does fiscal year mean?

Q: What does fiscal year mean?

A fiscal year is a one-year period that companies and governments use for financial reporting and budgeting. A fiscal year is most commonly used for accounting purposes to prepare financial statements. ... For example, universities often begin and end their fiscal years according to the school year.

Answer

Companies and governments both utilize fiscal years as a basis for their budgets and financial reporting. When preparing financial statements, the most typical accounting method is to employ a fiscal year. For instance, the school year is often the beginning and ending point of the fiscal year for institutions.

Fiscal Year - What does fiscal year mean?

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