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Adjusting Entries
Are journal entries made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred, for the purpose of financial reporting accuracy.
Financial Statements
Documents that present an organization's financial activity and current financial condition, including the balance sheet, income statement, and cash flow statement.
Nominal Accounts
Accounts that are closed at the end of each accounting period, including revenue, expense, and withdrawal accounts.
Account Groups
Classifications of accounts that share common characteristics, used to organize and summarize financial information in the general ledger.
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