CFR > Title 45 > Subtitle A > Subchapter A > Part 75 > Subpart D > Post-Closeout Adjustments and Continuing Responsibilities
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| § 75.386 | Post-closeout adjustments and continuing responsibilities |
Terms Used In CFR > Title 45 > Subtitle A > Subchapter A > Part 75 > Subpart D > Post-Closeout Adjustments and Continuing Responsibilities
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.