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Income from Operations
The profit realized from a business's ongoing operations, calculating the difference between revenues from operations and operational expenses.
Adjusting Entry
Journal entries made in accounting records at the end of an accounting period to update the balances of accounts.
Closing Entries
These are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.
Inventory
The complete quantity of products and materials a company possesses for the purposes of sale or utilization in manufacturing processes.
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