accounting cycle

Definition

The steps used in an accounting transaction from the time it occurs to its occurrence on the financial statement sheets.

Use accounting cycle in a sentence

You need to make sure you know where you are at in the accounting cycle so you know if you can handle a big project now.l

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Our new bookkeeper makes sure that all of her reports carefully and knowledgeably follow each step of the accounting cycle.

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The accounting cycle was recently explained during the weekly team meeting with a simple calendar and the relevant financial statements.

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actual cost accounting information system (AIS)