Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
This means the period of twelve months or a year which is used by a partnership or company for reporting all business/financial operations and other activities. This means the financial year, mostly concluding on the 31st of December. This is a one-year period which is used by Governments and companies for budgeting, financial reporting, and accounting purposes. This is also used for the preparation of financial and other statements. This is the period for tax filling and assessment and audits.
Many established real estate companies or corporates may use the fiscal year or financial for taxation, accounting, financial statements, and other reporting. There is also the financial year or fiscal year system for computing property taxes in several instances. This is the duration for the assessment of property taxes and also for analyzing the business taxes in the sector as well.
