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What is a trade association?
Total Debits
The sum of all debit entries in a financial account or ledger, representing expenses or assets.
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.
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