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A researcher reports he has conducted many experiments where a galvanometer (lie detector) was hooked up to detect a plant's responses. He reports that when a spider was released near the plant, the spider's decision to escape was picked up by the plant, "causing a reaction in the leaf." When other researchers repeated the experiment, they could not get any galvanometer responses. The researcher then concluded that plants could be put into a faint by humans.
Permanent Account
An account that carries its ending balance over to the next accounting period, typically representing real accounts like assets, liabilities, and equity.
Closing Process
The steps taken at the end of an accounting period to prepare accounts for the next period, including zeroing out temporary accounts.
Closing the Books
Closing the books is an accounting process involving updating ledger accounts at the end of an accounting period to prepare financial statements.
Fiscal Year
A twelve-month period used for accounting purposes to prepare financial statements, which may or may not align with the calendar year.
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