This eight-step repeatable guide is a basic checklist of what to do during each accounting period. All phases are covered, from identifying and recording transactions to checking for discrepancies ...

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.