BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The fiscal year for the federal government begins on October 1 of each year and ends on September 30 of the following year; it is designated by the calendar year in which it ends. For example, fiscal year 1990 began October 1, 1989, and ended September 30, 1990.

Detailed explanation-2: -A fiscal year is the twelve-month period that an organization uses for budgeting, forecasting and reporting. Although many organizations follow the calendar year, a fiscal year can start at any point in the year and end 12 months later.

Detailed explanation-3: -A company’s fiscal year is its financial year; it is any 12-month period that the company uses for accounting purposes. The fiscal year is expressed by stating the year-end date. A fiscal year-end is usually the end of any quarter, such as March 31, June 30, September 30, or December 31.

Detailed explanation-4: -Businesses track income and expenses for reporting to the Internal Revenue Service (IRS) on a 365-day basis. A fiscal year is an annual period that starts on one day and ends 364 days later. When the period of a year starts on January 1 and ends on December 31, the company uses the calendar year as its fiscal year.