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What is a memory cell?
Temporary Accounts
Accounts used to track transactions in a single accounting period, which are closed and transferred to permanent accounts at the end of the period.
Income Summary
An account used in the closing process that summarizes the revenue and expenses of an accounting period to determine the net income or loss.
Capital Account
An account showing the net worth of a business at a specific point, calculated as assets minus liabilities and preferred stock.
Revenues
The total income generated from normal business operations, often from the sale of goods and services.
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