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Financial year
FINANCIAL YEAR

Definitions:

i. The period of a calender year (not necessarily Jan. 1 - Dec. 31) for accounting purposes.

ii. (British English) A period of twelve months over which the accounts and taxes of a company or a person are calculated.
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* All seven elements would be in.


1. Purposeful and considered necessary.

2. Approved by the regulatory authority.

3. Months are specified and identifiable.

4. Active or operational (to emphasize).

5. Produces relevant books of accounts.

6. Will be profitable, even if the last.

7. All lawful obligations are fulfilled.
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See perfect BALANCE SHEET.

See perfect FINANCIAL REPORTING.

See perfect PROFIT AND LOSS ACCOUNT.




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