Examlex
Which of the following is usually not part of an ERP's core applications?
Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby resetting the temporary accounts for the new period.
Temporary Accounts
Accounts used to track transactions within a fiscal period that are then reset to zero at the start of the next period, such as revenue and expense accounts.
Retained Earnings
Part of shareholders' equity on a company's balance sheet, representing the amount of net income left over for the business after it has paid out dividends to its shareholders.
Control Account
An account used in the general ledger to summarize the balances of subsidiary accounts and facilitate the verification of financial information accuracy.
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