accounting period
Financial reporting interval
An accounting period is a specific span of time covered by financial statements and reports, such as a month, quarter, or fiscal year.
Companies use consistent accounting periods to track revenue, expenses, and other financial activity, allowing for meaningful comparison across time.
The company's accounting period ends on December 31st.
Most businesses align their accounting periods with the calendar year, though some use a fiscal year that begins and ends on different dates.
Formal records of transactions
- balance sheetAssets-liabilities-equity report
- income statementPeriodic profit-loss report
- cash flow statementReport of money entering, leaving
- annual reportOrganization's periodic financial summary
trial balance · ledger · accruals · reconciliation · GAAP · depreciation · amortization · bookkeeping
Accounting calendar period
- quarterOne of four parts
- monthYear's twelfth part
- calendar yearFull twelve-month period
- half-yearSix-month duration
year-end · semiannual · quarterly · monthly · annual · tax year · closing date · budget cycle
Formal accounts examination
- reviewCritical written assessment
- examinationMethodical assessment or review
- verificationProving something accurate
- internal controlsOrganizational oversight procedures
due diligence · materiality · audit trail · SEC filing · tax return · attestation · assurance · external audit
financial statements
Formal records of transactions
- balance sheetAssets-liabilities-equity report
- income statementPeriodic profit-loss report
- cash flow statementReport of money entering, leaving
annual report · trial balance · ledger · accruals · reconciliation · GAAP · depreciation · amortization · bookkeeping · journal entries
fiscal year
Accounting calendar period
- quarterOne of four parts
- monthYear's twelfth part
- calendar yearFull twelve-month period
half-year · year-end · semiannual · quarterly · monthly · annual · tax year · closing date · budget cycle · rollover
audit
Formal accounts examination
- reviewCritical written assessment
- examinationMethodical assessment or review
- verificationProving something accurate
internal controls · due diligence · materiality · audit trail · SEC filing · tax return · attestation · assurance · external audit · internal audit
- time periodsday, year, month, week, hour
- corporate taxcorporate tax, corporation tax, corporate taxation, taxable income, tax liability
- publishingpublishers, editors, editor, publishing house, books
- fiscal quartersQ1, Q2, Q3, Q4, first quarter
- ledgersledger, general ledger, journal, subledger, cashbook
accounting periodperpetuity
Infinite continuation of time
in perpetuity · going concern · eternity · permanent · unending
accounting, period, account, accounts, accounted, accountant, accountants, accountancy, periods