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Temporary Accounts
Accounts that are closed to the owner's equity account at the end of the accounting period.
Closing
The process of finalizing accounts at the end of an accounting period, leading to the preparation of financial statements.
Real Accounts
Accounts that represent assets, liabilities, and equity of a business and carry their balances permanently across accounting periods.
Accounting Period
The time span during which financial activities are recorded and reported, commonly a fiscal year or quarter.
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