what is a fiscal year?

question 15 options:

12-month financial planning period that always coincides with the calendar year

12-month calendar reserved for the government

12-month financial planning period that cannot coincide with the calendar year

12-month financial planning period that may or may not coincide with the calendar year

A fiscal year, is a 12-month financial planning period that may or may not coincide with the calendar year.

Explanation:

A fiscal year to the government is just like a financial year for a company/corporation.

A government can have a fiscal year from the middle of a year (July) to the next year (June) which in total is 12 months.

Sometimes a fiscal year coincide with the calendar year but that does not acknowledge the fact that is must be a calendar year.

This fiscal period are a planned period to take up projects or meet budgets.

12-month financial planning period that may or may not coincide with the calendar year

Explanation:

statement of owner's equity;

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