Difference between revisions of "Fiscal year"
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Revision as of 15:03, August 23, 2007
A fiscal year is a 12-month period used for accounting purposes.[1] This can coincide with the calendar year, but it does not have to.
The fiscal year for federal government begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Congress passes appropriations legislation to fund the government for every fiscal year.[2]
References
- ↑ Merriam-Webster's Online Dictionary. Fiscal Year.
- ↑ [1] US Senate Reference