Examlex
______ can be described as certain words or metaphors and expressions specific to an organization.
Unlimited Life
A concept in accounting that assumes a company will continue to operate indefinitely, allowing for the deferral of certain expenses over a long period.
Income Summary
A temporary account used in closing revenue and expense accounts.
Closing Entry
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.
Financial Statements
Documents that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.
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