Canadian Financial, Real Estate and Mortgage Glossary

Accounting Period

Definition of accounting period (AP)

Related Terms and Acronyms:

• accounts payable (A/P, AP)   Money owed by a business for goods and services received.
• accounts receivable (A/R, AR)   Money owed to a business by purchasers of goods and/or services.
• business (busn)   A company, either for-profit or non-profit.
• cash flow   The money an investment produces after subtracting cash expenses from income.
• expense   Costs incurred through a business's operations.
• fixed assets (FA)   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.
• loss   When expenses are larger than revenues.
• profit   When revenues exceed expenses.
• revenue   Money earned by a company from its business activities.