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Why does a business need to be consistent in the fiscal period it uses for its financial reports?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
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Which best describes the 12 month period used by a government or business for purposes of financial management?
The fiscal or tax year.
How do you know what a business's fiscal year is?
The fiscal year is (or should be) stated in a company's charter. If it's incorporated (with stock sold to the public), the fiscal year will be stated in its annual reports to stockholders. Even if not publicly owned, the fiscal year MUST be stated in its tax returns, which ought to be a matter of public record.
How do you use the word fiscal in a sentence?
Fiscal is an adjective for something that is related to financial matters. Example sentence:The federal government has fiscal problems, but our state is in serious fiscal trouble.
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 a fiscal period?
A year of business. July to July.
What does fy stand for?
In many financial reports, "fy" is an abbreviation of "fiscal year".
What are synonyms for financial?
fiscal, economic, business, commercial, monetary, pecuniary
The leaders of a small country decide that they need to enact a contractionary fiscal policy Which action is consistent with this fiscal policy?
A reduction in government spending is consistent with a contractionary fiscal policy.
Which best describes the 12-month period used by a government or business for purposes of financial management?
Fiscal year
Which best describes the 12 month period used by a government or business for purposes of financial management?
The fiscal or tax year.
How do you know what a business's fiscal year is?
The fiscal year is (or should be) stated in a company's charter. If it's incorporated (with stock sold to the public), the fiscal year will be stated in its annual reports to stockholders. Even if not publicly owned, the fiscal year MUST be stated in its tax returns, which ought to be a matter of public record.
What does financially mean?
monetary somthing to do with what do with moneyof or relating to finance."an independent financial adviser"synonyms:monetary, money, economic, pecuniary, fiscal, banking, commercial, business, investment
What is the fiscal court?
A fiscal court handles cases invlolving financial matters.
What is a financial period?
Fiscal year
What is financial period?
Fiscal year
What is another word for financial?
fiscal
What do you mean by fiscal period?
Time period relating to finance or finances. Fiscal year end = the end of an accounting year/cycle. Your first fiscal year could be only 3 months as at March 31, 2010 (you start your business on Jan 1st to Mar 31st) and then thereafter your Fiscal Year End is March 31st. Fiscal period could be financial reporting for only one month. It needs to be defined by the user in a financial report of some kind.
