Examlex
List and describe three of the functions of formal organizations in our contemporary society.
Current Assets
Assets that a company expects to convert into cash, sell, or consume within one year or during its operating cycle, whichever is longer.
Post-closing Trial Balance
A summary listing of all company accounts that remain after closing entries have been made, serving as a check that debits equal credits.
Owner's Capital Account
An equity account on the balance sheet representing the total amount of investment made by the owner(s) in the company, including profits retained in the business.
Balance Sheet Accounts
These are the financial accounts that appear on the balance sheet, including assets, liabilities, and equity accounts, representing the financial position of a company at a specific point in time.
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