A day of class taken away from school for a field trip.
A greattime or a great deal to do; a period of bustling activity.
A great time or a great deal to do, at somebody else's expense.
A day on which there is top-to-bottom all-hands cleaning.
Origin
Some postulate the idiomatic usage is derived from the "parade day" military use. A parade is much easier than the soldiers’ usual drilling and intense exercise.
Modern English dictionary
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