Examlex
All of the following abbreviations pertain to the vertebrae EXCEPT
Revenue Accounts
Revenue accounts are those used in accounting to track the income generated by a business from its normal operations.
Income Summary
An account used in closing entries to summarize revenues and expenses for a specific accounting period before transferring the net income to retained earnings.
Reversing Entries
Accounting entries made at the beginning of a new period to negate the effects of adjustments made at the end of the previous period.
Accrued Wages
Wages that have been earned by employees but have not yet been paid by the end of the accounting period.
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