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Generally Accepted Accounting Principles
The common set of accounting principles, standards, and procedures that companies use to compile their financial statements.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.
Operating Entity
An organization or firm that engages in commercial, industrial, or professional activities.
Owner's Capital Account
An account on a company's balance sheet representing the total investment made by the owner(s), minus any withdrawals.
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