Examlex
When someone reads a research paper about computers and runs across the term, bit, to what is the paper referring?
Expense Accounts
These are ledger accounts that track the costs incurred by a company in the course of doing business, excluding capital expenditures.
Adjusting Entries
Journal entries made at the end of an accounting period to update income and expense accounts and ensure compliance with the accrual method of accounting.
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the temporary accounts for the next accounting period.
Adjusted Trial Balance
A trial balance taken after adjusting entries have been made to ensure total debits equal total credits.
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