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Gangesh Rameshkumar

Figure it out • 22d

Today's term of the day: Fiscal Year A fiscal year is a 12 month accounting period that a company uses for financing purposes. Unlike a calnedar, it doesn't need to start on Jan 1 and end on 31st Dec. Businesses typically have their fiscal years aligned in such a way that therye able to report their peak sales during the reporting phase For example, many retail businesses prefer a fiscal year that ends on Jan 31 to capture the full holiday shopping season. Educational institutions prefer theirs to run from July 1 to June 30th, in order to align with the academic calendar and student institution payments Fiscal years are written in the following format: FY2025, which stands for fiscal year 2025. For 2024, it would have been FY2024.

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