Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
62% - Often

Accounting Period

Synonyms:financial period
Acronyms &
Filed Under: financial-banking
Tags: accounting

Definition of accounting period (AP)

accounting period (AP)
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:

  • 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.

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