Search Investopedia

Accounting Period

Filed Under » ,
Dictionary Says

Definition of 'Accounting Period'

1. In general, the time period reflected by a set of financial statements.

2. In terms of taxation, it is the 12-month period a taxpayer uses to determine his or her income tax.
Investopedia Says

Investopedia explains 'Accounting Period'

The accounting period is usually the calendar year.

Related Definitions

  •

    Deferred Income Tax

    A liability recorded on the balance sheet that results from income already earned and recognized for accounting, but not tax, purposes. Also, differences between tax laws and accounting ...
    Read More »

  • Estate Tax

    A tax levied on an heir's inherited portion of an estate if the value of the estate exceeds an exclusion limit set by law. The estate tax is mostly imposed on assets left to heirs, but ...
    Read More »

  • Income Tax

    A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to ...
    Read More »

    • Last Fiscal Year - LFY

      The most recent 12-month accounting period that a business uses when determining its annual financial performance. The SEC requires businesses to list their last fiscal year's revenue ...
      Read More »

    • Short Tax Year

      A tax year, whether fiscal or calendar, that is less than one year in length. Short tax years occur either when a business is started or the method of accounting is changed. Short tax ...
      Read More »

    • IRS Publication 538

      A document published by the Internal Revenue Service (IRS) that details the different commonly recognized accounting methods. The IRS requires taxpayers to use a consistent accounting ...
      Read More »

Articles Of Interest

Sponsored links
Hot Definitions
Partner Links
Suggested Definitions