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Fiscal Year
A fiscal year is any 12 month period chosen by a business entity. A fiscal year does not always begin in January and end in December. A fiscal year marks the completion of any 12-month accounting period. The fiscal year carries the date of the calendar year in which it ends and is referred to as "FY." For example, a fiscal year ending April 30, 2010 would be noted as FY'10. Under certain unusual circumstances, a fiscal year may be less than twelve months. This is referred to as a shortened fiscal year.
Copyright 2009 by Michael C. Dennis