accounting cycle
[/əˈkaʊntɪŋ ˈsaɪkəl/]
nounpl: accounting cycles
ciclo contábil
1. The complete process of recording, classifying, and summarizing financial transactions from the beginning to the end of an accounting period
The accounting cycle typically consists of nine steps, starting with the occurrence of a transaction and ending with the closing of accounts.
O ciclo contábil geralmente consiste em nove etapas, começando com a ocorrência de uma transação e terminando com o encerramento das contas.
2. The period of time during which all accounting activities and financial transactions are recorded, processed, and reported
Most companies complete their accounting cycle on a monthly, quarterly, or annual basis.
A maioria das empresas completa seu ciclo contábil mensalmente, trimestralmente ou anualmente.
The accounting cycle is a fundamental concept taught in accounting education in both Brazil and the United States. In Brazil, companies must follow specific regulations set by the CVM (Comissão de Valores Mobiliários) and FASB standards. The cycle is critical for tax compliance and financial reporting in both countries, with monthly and annual cycles being the most common practice.
Related Idioms & Phrases
complete the accounting cycle
close the accounting cycle
month-end accounting cycle
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