Fiscal year: It refers to a financial year having a period of 12 consecutive months. This means that, it starts with the first day of the month chosen by the company and ends on the last day of the twelfth month other than December 31. To Explain: The natural business year.

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Chapter 4, Problem 9DQ

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Fiscal year: It refers to a financial year having a period of 12 consecutive months. This means that, it starts with the first day of the month chosen by the company and ends on the last day of the twelfth month other than December 31.

To Explain: The natural business year.

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