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What is the difference between Fiscal or Natural business year?
Wiki User
∙ 11y ago
A fiscal year is used to maintain records of accounts from march 1st to feb 28,majority of businesss use fusal year as there r many enteries left like for eg,Accounts Payable, receivable to be entered in book of accounts after dec 31st so its convenient to use fiscal year to maintain proper records of accounts where as normal calender year is from 1st jan to 31st dec in which a year transaction or entries cannot be transferred into another.
Wiki User
∙ 11y ago
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What is the difference between fiscal and non fiscal metering?
The difference between fiscal & non-fiscal metering is when the measurement value is relevance to money.
Difference between capital and revenue expanditure-?
Capital Expanditures are those the benefits of which are taken for more then one fiscal period in business. For Example: Machinery, Plant, Equipment etc Revenue Expanditure are those the benifit of which are taken for only one accounting or fiscal year. For Example: rent, electricity etc.
What is the difference between Fiscal Month and Calendar Month?
Calendar month is taken into account from January to December, whereas Fiscal month or the Financial month is taken into account from April to March. Fiscal month varies with the Companies to what they try to adapt to.
Why does a business need to be consistent in the fiscal period it uses for its financial reports?
A business needs to be consistent in the fiscal period it uses for financial reports for purposes of comparison and accuracy. If the fiscal period changes, then it is difficult to compare the business's performance across different periods.
What is the difference of an income statement and a balance sheet?
Income statement shows the activity of current or one fiscal year of business while balance sheet shows the overall financial condition of business from start of the business to till date.
What is the difference between fiscal and non fiscal metering?
The difference between fiscal & non-fiscal metering is when the measurement value is relevance to money.
What is the difference between automatic and discretionary fiscal policy?
Discretionary fiscal policy requires deliberate government action. Automatic fiscal policy occurs automatically without (additional) congressional action.
Difference between inventory and fixed assets?
fixed assets are long term assets which used by business for revenue generation while inventory is current asset used for one fiscal year.
What is the Difference between fiscal deficit and revenue surplus?
Budget for a fiscal year is a statement of revenue and expenditure of the government for the particular year. If the expenditure is more than the revenue for a particular year, then this difference is called the fiscal deficit. If the revenue is more than the expenditure for a particular year then this difference is called the excess revenue.
What is the difference between a balance sheet from an income sheet?
Income Statement shows the net profit of one fiscal yearBalance sheet shows the overall position of company from start of the business to any point of time.
What is the difference between Fiscal Month and Calendar Month?
Calendar month is taken into account from January to December, whereas Fiscal month or the Financial month is taken into account from April to March. Fiscal month varies with the Companies to what they try to adapt to.
Difference between capital and revenue expanditure-?
Capital Expanditures are those the benefits of which are taken for more then one fiscal period in business. For Example: Machinery, Plant, Equipment etc Revenue Expanditure are those the benifit of which are taken for only one accounting or fiscal year. For Example: rent, electricity etc.
What is the difference between Net profit and Divisible profit?
Net profit is net profit after tax earns by business during fiscal year while divisable profit is that amount of profit which is available for distribution to shareholders in the form of dividend.
Why does a business need to be consistent in the fiscal period it uses for its financial reports?
A business needs to be consistent in the fiscal period it uses for financial reports for purposes of comparison and accuracy. If the fiscal period changes, then it is difficult to compare the business's performance across different periods.
Base Corporation Tax on Fiscal Year?
A small business owner can save on their annual corporation tax by calculating income based on a fiscal year rather than a calendar year. Using a fiscal year makes it possible to shift income between two calendar years. This does not eliminate the responsibility of a business owner to account for all income within a single calendar year. Still, dividing the total income of the business between two calendar years makes it easier to manage tax debt. A business owner can choose when to account for yearly income. Basing everything on a fiscal year can also keep their business in a more favorable tax bracket.
What is the difference of an income statement and a balance sheet?
Income statement shows the activity of current or one fiscal year of business while balance sheet shows the overall financial condition of business from start of the business to till date.
The difference between an income statement and cash flow statement?
Income statement shows the income or expenses related to one fiscal year while cash flow statement shows the cash inflows and outflows from different areas of business.
