Legal Definition and Related Resources of Fiscal Year

Year by or for which accounts are reckoned, or year between one annual time of settlement or balancing of accounts and another. Allentown wholesale Grocery Co. v Com., 291 A.2d336, 5 B. Cmwlth. 426.

A corporation’s accounting year. Due to the nature of their particular business, some companies do not use the calendar year for their bookkeeping. A typical example is the department store that finds December 31 too early a date to close its books after the Christmas rush. For that reason many stores wind up their accounting year January 31. Their fiscal year, therefore, runs from February 1 of one year through January 31 of the next. The fiscal year of other companies may run from July 1 through the following June 30. Most companies, though, operate on a calendar year basis.

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Fiscal Year in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Fiscal Year in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Fiscal Year in the Legal Abbreviations and Acronyms Dictionary.

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Fiscal Year Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Fiscal Year in a way that is easy for anybody to understand: Period of 12 consecutive months chosen by an entity as its ACCOUNTING period which may or may not be a calendar year. Fixed Asset – Any tangible ASSET with a life of more than one year used in an entity’s operations.

United States Tax Concept of Fiscal Year

A 12-month period ending on the last day of any month other than December.

Concept of Fiscal Year in the context of Real Property

A short definition of Fiscal Year: An accounting year, which may be the calendar year, or any other one year period. The United States budget is based on a fiscal year from July 1, to June 30.

Concept of Fiscal Year in the context of Real Property

A short definition of Fiscal Year: An accounting year, which may be the calendar year, or any other one year period. The United States budget is based on a fiscal year from July 1, to June 30.

What is the meaning of Fiscal Year?

A definition of Fiscal Year is provided here: A fiscal year is the 12-month period used for financial planning and reporting purposes. The Federal Government’s fiscal year begins on April 1 and ends on March 31 of the proceeding year.

Fiscal Year