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