Lawrence W. answered • 04/19/19
Tutor
New to Wyzant
Accounting and Business from a CPA, MBA, expert in Auditing
A fiscal year is a accounting year that may start and stop at a different time than the calendar year (i.e. January 10. Fiscal years are very helpful because people want to be off during the winter holidays. Sometimes it could be related to a harvest cycle, a farmer might want his fiscal year to end in October because he harvests and sells his products by the end of September. A school district would normally want their fiscal year to close and begin when the students are gone for the summer. The U.S. Federal Government has a fiscal year of October 1 to Sept 30 of the following year.
