What is the Accounting Cycle? Definition and meaning

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.

💡

Learn more about the Accounting Cycle.

More on accounting and auditing: Accounts Payable, Accounts Receivable, Accrued Revenue, Amortization, Appreciation, more on accounting and auditing...

You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA.

MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration.

We like to keep things short, and provide links to learn more about your subject.

Add MBA Brief to your desktop / iPad