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About this document
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- 1 page
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- Format
- Subject
- Accounting, Business Management
- Module
- Week 2
This document discusses the fiscal year and its use in budgeting by government and private organizations. It also covers the matching principle and revenue recognition. It is for Week 2.
What's inside
- Fiscal year definition
- Budgeting purposes
- Matching principle
- Revenue recognition
- Relationship between fiscal year and revenue
Who it is for: Students taking ACC 280, Week 2. (Undergraduate)
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Summary
A fiscal year is a 12-month period used for accounting purposes. Students learn about this and other budgeting concepts.
Fiscal year definition
A fiscal year is a period of 12 months. It does not have to start in January. It is used for budgeting.
Matching principle explained
The matching principle is a way to record revenue and expenses. It helps to show a true picture of a business's finances.
Revenue recognition principle
Revenue recognition is when to record income. It is when the goods or services are provided, not when the money is received.
Relationship between fiscal year and revenue recognition
Revenue recognition can affect how a business reports its income. This is especially true if income is received after the fiscal year.
Key terms
- fiscal year
- A 12-month period used for accounting and budgeting.
- matching principle
- A principle that matches revenue and expenses in the same period.
- revenue recognition
- The process of recording revenue when it is earned.
- budgeting
- The process of planning and managing an organization's finances.
- accounting period
- The time frame covered by financial statements.
- current accounts
- Accounts that show a business's day-to-day financial transactions.
Questions this document helps with
- What is a fiscal year and how does it differ from a calendar year?
- How does the matching principle help in financial reporting?
- When should revenue be recognized in accounting?
Summary written with AI from the document's text.
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