Examlex
Sellers must label their products. Labels serve many purposes beyond just "naming" the product. List the additional services provided by a product's label.
Adjusting Entries
journal entries made in an accounting system to update accounts for transactions that have not yet been recorded by the end of a period.
Accounting Equation
The fundamental equation of accounting stating that Assets = Liabilities + Shareholder's Equity, underpinning the double-entry bookkeeping system.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent ones, thereby resetting the temporary accounts for the next period.
Permanent Accounts
The balance sheet accounts whose balances are carried over into future accounting periods, not closed at the end of the fiscal year.
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