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In 2008, the Federal Reserve began paying interest on the bank deposits it holds. By doing this, its goal is to
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones.
End-Of-Period Spreadsheet
A document used in accounting to compile all balance sheet and income statement accounts at the end of a reporting period.
Net Income
The total profit of a company after all expenses, taxes, and costs have been deducted from total revenue.
End-Of-Period Spreadsheet
A tool used in accounting to compile all balances and adjustments at the period's end before generating financial statements.
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