What is a Fiscal Year?

The accounting year for a company is usually referred to as a fiscal year. The fiscal year for different companies may vary, which means that some of them may not use a calendar year as their fiscal year. However, most companies prefer to use a calendar year for their accounting activities.

Financial operations of the U.S. Government are carried out in a 12-month fiscal year. Thus, the federal government fiscal year runs from Oct. 1 of the prior year through Sept. 30 of the next year.

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