Definition
Fiscal Year
What is the definition of the term "fiscal year"? What does the term "fiscal year" mean?
A "fiscal year" is a 12 month period that is designated for accounting purposes.
For instance, a company may designate the end of its fiscal year as October 31st. This would mean that its first quarter (Q1) would start on November 1st.
When calculating an annual statement, accountants would look at the period between November 1st and October 31st, as this would constitute the company's fiscal year.
In the United States, the fiscal year ends on September 30th. So, if you hear that the United States posted a deficit of $1.1 trillion in the 2011 fiscal year, this would mean that the United States posted a deficit of $1.1 trillion between October 1st and September 30th of the following calendar year.
For instance, a company may designate the end of its fiscal year as October 31st. This would mean that its first quarter (Q1) would start on November 1st. When calculating an annual statement, accountants would look at the period between November 1st and October 31st, as this would constitute the company's fiscal year.
In the United States, the fiscal year ends on September 30th. So, if you hear that the United States posted a deficit of $1.1 trillion in the 2011 fiscal year, this would mean that the United States posted a deficit of $1.1 trillion between October 1st and September 30th of the following calendar year.
Articles about fiscal year
- Over $3 Million in Donations Made To Pay Down US Debt Through First Seven Months of 2014 Fiscal Year Jul 1, 2014
- CBO Now Projecting Deficit of $642 Billion for 2013 Fiscal Year May 14, 2013
- $7.7 Million Donated To Help Reduce Debt During 2012 Fiscal Year Nov 12, 2012
- Which Two States Aren't Facing a Deficit This Fiscal Year? Jul 6, 2009