The Accounting period is normally a fiscal year or quarter spanning the period's accounting cycle, including transactions entered in journals, posting transactions to ledgers, trial balances and corrections, and reporting of financial statements.
Journal, Original Entry Daybook in Bookkeeping, Accounting
Steps in the Accounting Cycle
Basics of Accounting & Information Processing The Accounting Cycle
The sequence of accounting procedure used to record, classify, and summarize accounting information is often termed the accounting cycle. The accounting cycle begins with the initial recording of business transactions and concludes with the preparation of formal financial statements. The term cycle indicated these procedures must be repeated continuously to enable the business to prepare new, up-to-date financial statements at reasonable intervals. -