Examlex
What are three special adjustments to the list or quoted price?
Income Summary Account
An income summary account is an account used in the closing process that temporarily holds the balances of all income and expense accounts before transferring the net result to capital or retained earnings.
Net Loss
The amount by which company expenses exceed its revenues over a specified period, indicating a loss in financial performance.
Post-Closing Trial Balance
A list of all accounts still open after closing entries are made, used to ensure that debits equal credits.
Capital
The wealth in the form of money or other assets owned by a person or organization, or available for a purpose such as starting a company or investing.
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