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Temporary Accounts
Income statement (and sometimes Dividends Declared) accounts that are closed to Retained Earnings at the end of the accounting period.
Balance Sheet
A summary report of a company's financial position, including assets, liabilities, and the equity of its shareholders, at a distinct time.
Income Statement
A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and profit or loss.
Year-End Closing Process
The Year-End Closing Process involves finalizing a company's financial activities for the year, updating accounts, and preparing financial statements.
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