Examlex
The five categories of response bias are mutually exclusive from one another.
Adjusted Trial Balance
A list of all accounts and their balances after adjustments are made, used to prepare financial statements.
Year-End Closing Entries
Journal entries made at the end of an accounting period to prepare the accounts for the next period by clearing out revenues and expenses to the income summary.
Owner's Drawings
The withdrawal of business assets by the owner for personal use, which reduces the equity of the owner in the business.
Gross Profit
The difference between revenue and the cost of goods sold before accounting for certain expenses.
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