Examlex
What is a framework provided by the government of the United Kingdom and offers eight sets of management procedures?
Income Statement
A financial statement that shows a company’s revenues, expenses, and profits or losses over a specific period of time.
Income Summary
An account used in the closing process that summarizes revenues and expenses, transferring the net income or loss to retained earnings.
Closing Process
A sequence of steps performed at the end of an accounting period to prepare the accounts for the next period, including closing temporary accounts such as income summary, revenues, and expenses.
Temporary Account
Accounts that are closed at the end of each accounting period, including revenues, expenses, and withdrawals.
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