Accounting Terms - F Definitions

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Accounting Words - F Terms

Finished Goods Inventory: Completed goods held in inventory that have not yet been sold.

Fiscal: A 12 month accounting period. Not necessarily a calendar year.

Form 941: The IRS form filed quarterly to report income tax, FICA, and Medicare withholdings.

Form 1099: An IRS form sent to certain vendors whom you have paid more than $600 during the year.

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