The one-year period ending at an organization’s typical low point of activity. For example, a school’s natural business year is July 1 through June 30.
It is practical to have the accounting and financial reporting year match the natural business year. An accounting and financial reporting year ending on a date other than December 31 is referred to as a fiscal year.
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For the past 52 years, Harold Averkamp (CPA, MBA) has
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