meaning of accounting cycle

accounting cycle meaning in Law Dictionary

The six measures of accounting transactions. Research, recording, posting, modifying, organizing statements, and shutting records that are short-term.

accounting cycle meaning in Business Dictionary

The series of six measures in the handling of monetary deals (through the time they happen to their addition in financial statements) related to an accounting duration. These steps are: (1) analyzing the deals as they happen, (2) tracking them when you look at the journals, (3) publishing debits and credits from log entries into the general ledger, (4) modifying the assets with an endeavor stability, (5) organizing economic statements, and (6) closing the temporary reports.