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Which of the following characteristics does a high-level language possess?
Income Statement
A financial statement that shows a company's revenues and expenses over a specific period, culminating in net income.
Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby resetting the temporary accounts for the new period.
Temporary Accounts
Accounts used to track transactions within a fiscal period that are then reset to zero at the start of the next period, such as revenue and expense accounts.
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