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At the end of the appraisal interview, a supervisor and an employee should ideally
Adjusting Entries
Adjusting entries are journal entries made at the end of an accounting period to update the accounts and ensure that the financial statements reflect accurate and fair amounts.
Temporary Accounts
Accounts that are closed to the owner's equity account at the end of the accounting period.
Closing
The process of finalizing accounts at the end of an accounting period, leading to the preparation of financial statements.
Real Accounts
Accounts that represent assets, liabilities, and equity of a business and carry their balances permanently across accounting periods.
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