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Which of the following is true of standards of confidentiality and scope of practice?
Closing Process
A sequence of steps performed at the end of an accounting period to prepare the accounts for the next period, including closing temporary accounts such as income summary, revenues, and expenses.
Temporary Account
Accounts that are closed at the end of each accounting period, including revenues, expenses, and withdrawals.
Unadjusted Trial Balance
A preliminary report of all accounts in the general ledger before any adjusting entries are made to ensure debits equal credits.
Adjustments
Journal entries made to correct or update accounting records and financial statements, often at the end of an accounting period.
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