Fiscal Year is defined as:

• A. The period for which a particular budget is authorized, normally a 12-month period to which the annual operating budget applies.
• B. The calendar year only
• C. A five-year planning horizon
• D. The period between fiscal audits

Answer: (A)

The main idea is that a fiscal year is the period used for budgeting and financial reporting, typically a 12-month window to which the annual operating budget applies. This defines the accounting and budgeting cycle an agency follows to plan, authorize, and track spending. It isn’t necessarily the calendar year; many organizations set their fiscal year to start in a different month but still cover 12 months.

The other statements don’t fit because a calendar year is just the fixed January–December period, which isn’t required for budgeting. A five-year horizon describes long-range planning, not the annual budget cycle. And the interval between fiscal audits refers to audit timing, not the defined budgeting period.