What is reckoning definition?

Reckoning generally refers to the process of calculating or estimating something, typically with regards to financial matters. In the context of accounting, it is the act of balancing and settling accounts, often done at the end of a financial period. A reckoning can also be used figuratively to refer to a final analysis or evaluation of a situation or person, especially one that results in a judgment or decision. The term has also been used historically to refer to a day of judgment or spiritual accounting at the end of one's life or at the end of the world.