What defines the fiscal year dates or cycle in the organization?

• A. The fiscal year runs from July 1 to June 30.
• B. The start and end dates of the fiscal year.
• C. The fiscal year coincides with the calendar year (January 1 to December 31).
• D. The fiscal year is determined by the board on a yearly basis.

Answer: (B)

The key idea is that the fiscal year is defined by the exact start and end dates of the 12-month period used for accounting and reporting. Those dates set the entire cycle for budgeting, financial statements, audits, and year-end activities. While some organizations align with the calendar year or choose a different window (like July 1 to June 30), the essential factor is the defined period itself—the beginning date and the ending date. Changes to these dates are decisions by leadership, but they define the cycle rather than being renewals or calendar-based rules.