Most government accounting terms are a bit more obscure than
people tend to use in their day-to-day life. Chances are, if
you’ve had to discuss taxes or another financial matter with a
government accountant, by the time the conversation was over you
were left feeling like your head was spinning trying to grasp
exactly what the accountant was talking about. Just listening to
a budget plan put forth by a government accountant can confuse
some people, and many simply don’t understand the terminology
that government accountants use. Below is a brief explanation of
some of the most commonly used government accounting terms. Most
of the time when people consider a year’s time, they
automatically think of January 1st to December 31st. However, if
you’ve heard the term “fiscal year” in a budget plan during a
budget meeting, this accounting term refers to the 1 year period
designated by the government to be their full budget year. The
federal government operates on a fiscal year that begins October
1st and ends on Sep