Question

Define financial year ?

Answer 1

financial year is a year where the budget of year is provided by the government usually it takes in every year in March.

Answer 2

Financial year

Explanation:

• Financial year is nothing but the accounting year that begins on April 01 and ends on March 31.

For instance, the current financial year is 2015-16, i.e. period from April 01, 2015 to March 31, 2016.

• Financial year is the year within which the income is earned. It spans from 1st April to 31st March. All the income and expenses related to this year are to be recognised in the financial statement.

• That's the standard and generally accepted accounting year. Since you it is important or compulsory to adopt this year, you will have a consistancy in your accounting process.