Examlex
Each of the following is included in computing the acid-test ratio except
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby resetting the temporary accounts for the next period.
Retained Earnings
The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders, often used for reinvestment in the business or to pay debt.
Accounting Period
A specific period of time for which financial information is reported, typically a fiscal year or quarter.
Expense Accounts
Accounts in the general ledger representing the various costs incurred by a company in the course of its operations, excluding product cost.
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