ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is a Fiscal Year (FY)? A Fiscal Year (FY), also known as a budget year, is a period of time used by the government and businesses for accounting purposes to formulate annual financial statements and reports. A fiscal year consists of 12 months or 52 weeks and might not end on December 31.

Detailed explanation-2: -Your fiscal year is determined by the calendar year in which you pay taxes and report income and expenses. Generally, a fiscal year runs from January 1 to December 31, but you can also opt to use a different 12-month period, such as April 1 to March 31.

Detailed explanation-3: -For example: If the fiscal year runs the same as the calendar year (January 1 through December 31), Periods 1 through 11 would be set up for the entire months of January through November. December 1st through December 30th is period 12, and December 31st is period 13.

Detailed explanation-4: -Fiscal Year 2023 Accenture continues to expect operating margin for the full 2023 fiscal year to be in the range of 15.3% to 15.5%, an expansion of 10 to 30 basis points from fiscal 2022. The company continues to expect its annual effective tax rate to be in the range of 23% to 25%.