The accounting cycle is an eight-step repeatable process essential for accurate financial reporting. It starts with identifying transactions, creating a record, and then allocating each transaction to ...

Business taxes may be filed using a calendar year or a fiscal year. A tax year is an annual accounting period for paying or withholding taxes, keeping records, and reporting income and expenses.

In a series of studies, the researchers found evidence that these landmarks create new “mental accounting periods” that psychologically distance the present self from its past imperfections.