Examlex
The pathway indicated by the number 1 in this illustration is known as the
Fiscal Year
A one-year period that companies and governments use for accounting purposes and preparation of financial statements, which may not align with the calendar year.
December 31
The last day of the year, often used as a cut-off date for annual financial reports and assessments.
Liabilities
Obligations of a monetary nature that an organization must fulfill to others, involving the exchange of economic values over an established timeframe.
Assets
Resources owned by a company that have economic value and can be used to meet debts, commitments, or investments.
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