Examlex
Select the correct description for each of the abbreviations.
-BUN
Classified Balance Sheet
A financial statement that organizes assets, liabilities, and equity into subcategories for detailed understanding.
Unclassified Balance Sheet
A balance sheet that presents assets and liabilities in a lump sum, without dividing them into classifications or categories.
Net Income
The amount of money a company earns after deducting all its expenses, taxes, and costs from its total revenue.
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary to permanent accounts and prepare the company's books for the next period.
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