Accounting Cycle

Definition: the Accounting Cycle is the procedure or process of recognizing, recording, summarizing, and analyzing economic events of a business. For any business entity, recording its financial and non-financial information is important. The accounting cycle fulfills the purpose of record-keeping and serves for analysis as well.

The accounting cycle provides accounting information and is recorded in a specific period. Such period could be a fiscal year of a firm, or a month, or any other specific accounting period of a firm. All the recordings made are based on some standard accounting principles system like GAAP and IFRS.

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