Word: Financial Year
Definition:
A "financial year" is a specific time period of 12 months that a company or organization uses for accounting and financial reporting. This period can start and end at any time of the year, but it is often not the same as the calendar year (January to December).
Usage Instructions:
When talking about the financial year, you can refer to it as "FY" followed by the starting year. For example, FY2023 means the financial year that started in 2023.
Example:
"The company's financial year runs from April 1 to March 31 of the next year."
Advanced Usage:
In business and finance, understanding the financial year is important for analyzing a company’s performance, preparing budgets, and filing taxes. Different countries may have different rules for financial years, so it's essential to know the local laws and practices.
Word Variants:
- Fiscal Year: This is often used interchangeably with "financial year." It refers to the same concept.
Different Meanings:
While "financial year" primarily refers to the accounting period, "financial" can also describe anything related to money or finance, such as financial planning or financial institutions.
Synonyms:
- Fiscal Year - Accounting Year
Idioms and Phrasal Verbs:
While there are no specific idioms or phrasal verbs directly related to "financial year," you might use phrases like: - "Close the books" – this means to finish accounting for a certain period. - "Balance the books" – this means to make sure that all accounts are correct and balanced.