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Fiscal year
FISCAL YEAR

Definitions:

i. (North American English) A period of twelve months over which the accounts and taxes of a company or a person are calculated.

ii. A yearly period established as the accounting period for business purposes.
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* All eight elements should be in.


1. Purposeful and necessary for planning reasons.

2. Will have an approved budget at the start.

3. Beneficial or profitable for business entity.

4. Managed in a stable operating environment.

5. Lays foundation for growth for succeeding year.

6. Produces the needed statements at the end.

7. Period is specific (dated) and measurable (listed).

8. Will be real or realistic - never one ahead.
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See perfect FINANCIAL REPORTING.
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See perfect BALANCE SHEET.

See perfect BANK OF MUM AND DAD.

See perfect PROFIT AND LOSS ACCOUNT.
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See perfect MONETARY POLICY.



Quote: "Fiscal responsibility and government reform are going to be good themes for governing well, at any time, but particularly coming out of a recovery". - Bob McDonnell.

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