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| Fiscal Year |
A fiscal year is an accounting period of 365(6) days that does
not necessarily correspond to the calendar year that begins on January 1st. The
fiscal year is the established period of time when an organization�s annual
financial records commence and conclude.
A company�s fiscal year will always reflect the date of the
calendar year in which it ends. For example: The financial operations of the
federal government are carried out in a fiscal year that begins on October 1 and
ends on September 30. Therefore the government�s fiscal year for 2008 would
begin on October 1, 2007 and end on September 30, 2008.
