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Annual Accounting Period
A 12-month period over which a company reports its financial performance, often aligned with the calendar year or fiscal year.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the ledger for the next period.
Financial Statements
Consolidated documents such as the balance sheet, income statement, and cash flow statement that summarize a company’s financial performance.
Adjusting Entries
journal entries made in an accounting system to update accounts for transactions that have not yet been recorded by the end of a period.
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