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4 Cards in this Set
- Front
- Back
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Define and explain Closing Entries |
Back (Definition) |
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Adjusting entries are made because: |
-expenses are recognized in the period they are incurred -revenues are recorded in the period the performance obligation is satisfied -balance sheet and income statement accounts have correct balances at the end of an accounting period |
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Permanent vs temporary accounts |
Balance sheet vs income statement |
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Closing Entries |
Back (Definition) |
