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Accounting Period
The Accounting Period is the duration during which a business records its transactions and prepares financial statements. The duration could be a month, a quarter, or a year.
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Accrual
Processes of recognising income and expenses as they occur, regardless of when the cash comes in or goes out.
Accounting System
A structured process for recording, analysing, classifying, and reporting financial transactions.
Account
A record within a business's general ledger or balance sheet to indicate a transaction.
