Accounting cycle
In accounting, accounting cycle means the loop a period of books runs through: record transactions as entries, post them, prove the trial balance, adjust, prepare the statements, close.
Not a rule. Bookkeeping convention — not codified. US GAAP governs recognition, measurement and presentation, not bookkeeping mechanics. Sources
The lesson that teaches this
From the free founder back-office course, taught on one company's books, with exercises to work it yourself.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- month end alone
- the close (the last stage, not the loop)
Nearby in the catalog
No component names this concept outright. These sit in the same part of the system.
Also in Foundations
Defined in Lexicon. This page is generated from that document, so the two can't disagree.