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Income Summary Account
An account used in the closing process to summarize the results of all revenue and expense accounts.
Capital
Financial assets or the financial value of assets, such as cash and goods, used by an organization to fund its operations and grow.
Revenue Account
An account that records the income generated from selling goods or providing services, which contributes to a company's gross income.
Income Summary
An account used during the closing process to summarize the year's revenues and expenses before determining and transferring the period's net income or loss to owner's equity.
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