Difference between fiscal year and accounting period.
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A fiscal year arbitrarily sets the beginning of the accounting period to any date, and inancial data is accumulated for one year from this date. For example, a fiscal year starting April 1 would end on March 31 of the following year .
The term fiscal year is originally used in the science of financial accounting and its duration is 12 months. The important period is 12 months. As for its beginning and end, it is by choosing the company, it may be from 1/1 to 31/12 or from 1/7 to 30/6 or … any other choice and if a financial period is mentioned in financial accounting It means also the fiscal year.
As for the financial period, it is a cost term that follows the science of cost accounting, and it may be a month or more.
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