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An unverified belief in general circulation is a(n)________.
Adjusting Entries
Accounting records entries documented at the conclusion of an accounting cycle to distribute revenues and expenses to the period they genuinely took place.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts and prepare the company's books for the next period.
Accounting Cycle
The process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation on the financial statements, followed by closing the accounts.
Financial Statements
Financial statements are formal records that outline the financial activities and position of a business, person, or entity. These include income statements, balance sheets, and statements of cash flows.
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