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Recent research by the Pew Research Center on attitudes about the government's responsibility to help those in poverty revealed that
Periodic Inventory System
An inventory accounting method where inventory levels and cost of goods sold are calculated at set intervals, such as monthly or yearly.
Closing Entries
The journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, preparing the books for the next period.
Retained Earnings
Profits that a company keeps to use within the business after dividends have been paid out to shareholders.
Fiscal Year
A one-year period used for financial reporting and budgeting, which may or may not align with the calendar year.
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