Accounting Cycle

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Accounting Cycle

The events that occur between the beginning of a transaction and its recording in a company's records. For example, the accounting cycle for a sale may begin with the actual sale, continue with an accountant's analysis of the type of sale (mainly a cash or credit sale), and conclude with the posting of the sale in the company's ledger. The accounting cycle is often more complex than the above example, including steps such as quality control.