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Fiscal Year

Fiscal year is a one year reporting period that can start from anywhere between January 1st to December 31st, in a year. For instance, one company may have its fiscal year from June 1st, 2009 to May 31st, 2010; this may be the case for a business that has busier operations during winter and business is slower during the summer, thus year-end accounting duties are left for the less busier time of the year.

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