FISCAL YEAR Definition

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FISCAL YEAR is the declared accounting year for a company, but it is not necessarily in conformance to a calendar year (January through December). However, it does cover twelve months, 52 weeks, 365 days. For example, the U.S. government fiscal year ends September 30, i.e. October 1 through September 30 is their fiscal or accounting year.

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CARTAGE/CARRIAGE INWARDS occurs when a business has to pay for purchased goods to be delivered to its premises.

CASH ON HAND literally means coin, currency, and cash items on hand. It is not possible to have negative cash on hand.

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