Accounting Cycle

Tax Glossary Definition

Accounting Cycle

The accounting cycle is a systematic process used by businesses to maintain accurate financial records, which are reflected in their financial statements. It involves recording transactions in a journal, transferring them to a general ledger, analyzing entries for accuracy, preparing financial statements, and closing the books for the period.

Example: A company completes its monthly accounting cycle by recording sales, reconciling accounts, and preparing an income statement.

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