Some Financial terms for NICL AO Exam
2015:
Fiscal Year
A fiscal year (or financial year,
or sometimes budget year) is a period used for calculating annual
("yearly") financial
statements in businesses and other organizations. In many jurisdictions,
regulatory laws regarding
accounting and taxation require such reports once per twelve months,
but do not require that the
period reported on constitutes a calendar year (that is, 1 January through 31
December). Fiscal years vary between businesses and countries. The "fiscal
year"
may also refer to the year used for income tax
reporting.