Fiscal year accounting period is defined as a period of 12 months that a company uses for its accounting purposes; for example, reporting its spending and income. It helps in preparation of company financial statements. It is measured by the first day of the month through the last day of the twelfth month.
General journal is a miscellaneous accounting journal used by businesses to record transactions that do not fit into any of their specialized journals such as a sales journal. Accounting journals are what businesses use to document all of the day-to-day inflows and outflows of the business to be used later in the ledger.
General ledger is the main accounting ledger used by businesses to debit and credit accounts and is used to create businesses’ financial statements.
