Accounting Period

Importance: 0.71

Is a company: no

Is a proper noun: no


  • financial period


  • AP

Definition of Accounting Period

  1. The period of time used for the preparation and settling of accounting books or financial statements. Most accounting periods are twelve months, but the International Financial Reporting Standards also allows for the use of 52 weeks.

Related Terms and Acronyms

  • Revenue Bank,
    • Money earned by a company from its business activities.
  • Cash Flow Bank,
    • The money an investment produces after subtracting cash expenses from income.
  • Expense Bank,
    • Costs incurred through a business's operations.
  • Profit Bank,
    • When revenues exceed expenses.
  • Accounts Payable (A/P, AP) Bank,
    • Money owed by a business for goods and services received.
  • Loss Bank,
    • When expenses are larger than revenues.
  • Business (busn) Bank,
    • A company, either for-profit or non-profit.
    • Commercial, industrial or professional activities undertaken by an entity.
    • Economic activities of a given type.
  • Fixed Assets (FA) Bank, Important,
    • Assets like machinery, land, buildings, or property used in operating a business that will not be consumed or converted into cash during the current accounting period.
  • Accounts Receivable (A/R, AR) Bank, Important,
    • Money owed to a business by purchasers of goods and/or services.
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