The procedure that starts with analyzing and journalizing transactions and ends with the post-closing psychological balance. (162)


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Another surname for the income summary account due to the fact that it has the impact of clearing the revenue and also expense account of their balances. (157)
The entries that deliver the balances the the revenue, expense, and drawing account to the owner"s capital account. (157)
The process of transferring short-term accounts balances to irreversible accounts at the finish of the accountancy period. (157)
Cash and also other legacy that space expected to be converted to cash or sold or supplied up, generally within one year or less, with the regular operations that the business. (155)
Liabilities that will certainly be due in ~ a short time (usually one year or less) and that space to it is in paid the end of existing assets. (155)
Long-term or fairly permanent tangible assets such together equipment, machinery, and buildings the are provided in the normal business operations and that depreciate end time. (116, 155, 404)
An account to which the revenue and expense account balances space transferred at the end of a period. (157)
A fiscal year that ends when business activities have got to the lowest point in an yearly operating cycle. (174)
A customer"s created promise to salary an amount and also possibly attention at one agreed-upon rate. (155, 360)
Term for balance paper accounts since they are relatively permanent and carried front from year come year. (156)
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MyAccountingLab v Pearson eText -- Instant accessibility -- because that Financial Accounting9th EditionCharles T. Horngren
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