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accounting period meaning

  "accounting period" in a sentence
  • [Business]
    noun [C]

    (Accounting )

    the regular period of time over which a business prepares a set of financial records; the time between two balance sheets:

    preliminary results for the eight-month accounting period ending 31 December 2005

    At the end of the accounting period the revenue accounts are totalled and the balance transferred to the profit and loss account.

    ACCOUNTING YEAR


  • [Economics]
    1) The period for which a business prepares its accounts. Internally, management accounts are usually produced either monthly or quarterly. Externally, financial statements are produced for a period of 12 months (interim accounts are often produced for the first six months), although this may vary when a business is set up or ceases or if it changes its accounting year end.

    See:

    financial accounting, management accounting.

    2) (chargeable account period) A period in respect of which a corporation tax assessment is raised. It cannot be more than 12 months in length. An accounting period starts when a company begins to trade or immediately after a previous accounting period ends. An accounting period ends at the earliest of:

    ●12 months after the start date,

    ● at the end of the company's period of account,

    ● the start of a winding-up,

    ● on ceasing to be UK resident.


  • [Finance]
    1. In general, the time period reflected by a set of financial statements.

Examples

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  1. this advance payment will benefit more than just current accounting period
  2. allocations to accounting periods
  3. basic accounting period
  4. this is helpful if your accounting period isn't starting the 1st of the month
  5. cost accounting period

Related Words

  1. accounting management meaning
  2. accounting method meaning
  3. accounting methods meaning
  4. accounting noise meaning
  5. accounting package meaning
  6. accounting principle meaning
  7. accounting principles meaning
  8. accounting profit meaning
  9. accounting rate of return meaning
  10. accounting rate of return (arr) meaning
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