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Closing Entries
Entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner’s equity account, Owner’s Capital.
Correcting Entries
Entries to correct errors made in recording transactions.
Salary Allowance
A predetermined amount paid to employees, which may be part of their salary package, often for specific purposes or expenses.
Net Income
The total earnings of a company after all expenses and taxes have been deducted from revenue, indicating the company's profitability.
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