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Fiscal year

What is a fiscal year?

A fiscal year, also known as a financial year or budget year, is a 12-month period that a company or government uses for accounting purposes. The fiscal year is used to calculate annual financial statements.

A company's fiscal year does not necessarily need to align with the calendar year; it can start in any month of the year and continues for twelve months from there. Companies choose their fiscal year based on their operational needs. For example, a retailer might choose to end its fiscal year just after the holiday shopping season to account for the surge in sales.

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