Examlex
As the tradition of the man as the family's sole source of income disappears:
Closing Entry Process
The procedure at the end of an accounting period to prepare the accounts for the next period by clearing out revenues and expenses into the Retained Earnings account.
Temporary Accounts
Accounts used to collect information during a single accounting period, which are then transferred to permanent accounts at the end of the period.
Permanent Accounts
Accounts that carry their ending balances over into the next accounting period; these include asset, liability, and equity accounts.
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