Taking into account the statement above: "Explain what the term fiscal year means, why it is used, and how it differs from a calendar year in terms of financial recordkeeping."
The answer is: A fiscal year is a term that is used in finance and many firms use a different 12-month cycle than ours, since the Internal Revenue Service gives tax-paying businesses such an option. The differences between a fiscal and a calendar year is regarding to an account that can therefore result in accounting mistakes.
Hope this helps.
