Examlex
To move down one window height, ____.
Closing Process
The procedure used in accounting to close out accounts at the end of an accounting period, summarizing revenues and expenses and showing net income or loss.
Income Summary
An account to which all income statement account balances are transferred at the end of an accounting period to determine the net profit or loss.
Net Loss
The amount by which total expenses exceed total revenues for a business, indicating a financial loss.
Income Summary Account
An account used in closing process to aggregate all income and expenses accounts before determining and transferring the net income or loss to the capital account.
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