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Alconac Systems, a software start-up company, uses a technology in which the employees have to key in certain names and their respective codes to access information from different departments. Given this information, it can be concluded that Alconac Systems uses _____ to access information from different departments.
Income Summary
An account to which the revenues and expenses are transferred in order to calculate the net income for the period, ultimately transferring to retained earnings.
Accounting Cycle
The series of steps followed by an entity to collect, process, and report financial information, culminating in the preparation of financial statements for a specific period.
Adjusting Entry
Documentation produced at a period's end within accounting to properly allocate profits and outlays to the actual period they happened.
Closing Entry
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby preparing the books for the next accounting period.
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