Examlex
How does ?scal policy differ from monetary policy?
Income Summary
An account in the ledger that is used during the closing process to collect all the temporary account balances before transferring the net result to the capital account.
Purchases
The acquisition of goods or services by a company for use in its operations or for resale.
Income Summary Account
The income summary account is used during the closing process to compile all income and expense transactions, facilitating the determination of a business's net income.
Capital Account
An account on the balance sheet that reflects the net worth and equity of an individual or business.
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