A(n) __________ Is Any Group or Person Within or Outside

question 80

Short Answer

A(n) __________ is any group or person within or outside the organization that has some type of investment or interest in the organization's performance and is affected by the organization's performance.

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Definitions:

Closing Entry

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

Post-Closing Trial Balance

A list of all account balances after the closing entries have been made, ensuring the accuracy of the ledger.

Fees Earned

Revenue recognized by a company for services provided during a specific period, even if not yet received in cash.

Real Account

Permanent accounts in accounting that are not closed at the end of the accounting period, including assets, liabilities, and equity accounts.