Records in Separate Tables May Be Connected Through A(n)____________________ That

question 34

Short Answer

Records in separate tables may be connected through a(n)____________________ that appears in both tables.

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Definitions:

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, preparing the books for the next period.

Closing Entry

A journal entry made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Revenue Accounts

Revenue accounts are those used in accounting to track the income generated by a business from its normal operations.

Income Summary

An account used in closing entries to summarize revenues and expenses for a specific accounting period before transferring the net income to retained earnings.