A/an __________ __________ Is a Mound of Sediment That Accumulates

question 41

Short Answer

A/an __________ __________ is a mound of sediment that accumulates on the inside of a meander.

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Definitions:

Closing Entries

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

Income Summary

An account used in the closing process during the accounting cycle that summarizes revenues and expenses before transferring the net income or loss to retained earnings.

Owner's Capital

The total value of assets contributed by the owner(s) to a business minus any withdrawals made by the owner(s).

Correcting Entry

An accounting entry made to correct errors found in the financial statements after they have been prepared.