Which of the following best defines the term fiscal year?
A) A period of time representing one full budget cycle
B) A period of time representing a federal tax period
C) A period of time representing a staff recruitment cycle based on graduation dates
D) A period of time representing a year of performance used to determine staff merit increases (pay increases)

Question

Quizplus · Accepted Answer

A fiscal year is a one-year period that companies and governments use for financial reporting and budgeting. It is often aligned with a budget cycle rather than a calendar year.

Which of the Following Best Defines the Term Fiscal Year