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At the National Zoological Park in Washington,D.C.,a polar bear suffered a broken tooth,and keepers needed a safe way of treating the problem.The bear was rewarded first for sticking its nose through a slot in the cage door,then for allowing a keeper to lift its lip and touch its teeth.Finally,a veterinarian was able to treat the damaged tooth while the bear waited placidly for its familiar reward.This is an example of _______.
Financial Statements
Structured reports detailing the financial performance, position, and cash flows of an organization, typically including the balance sheet, income statement, and statement of cash flows.
Accounting Cycle
The series of steps followed by an entity to track and manage its financial transactions, from the initial transaction recording to the final financial statement preparation and closing entries.
Closing
The process of finalizing accounts at the end of an accounting period by summarizing revenues and expenses and indicating net profit or loss.
Balance Columns
Sections in ledger accounts used to record debits on the left and credits on the right, facilitating the determination of account balances.
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