Temporary Accounts

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Definitions
Closing Entry
Closing Entry Accounting Year-End Process Temporary Accounts Financial Statements Bookkeeping General Ledger
In accounting, a closing entry is one of the final entries made at year-end to close accounts and transfer the amounts to financial statements, ensuring all temporary accounts are reset for the next accounting period.
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Definitions
Post-Closing Trial Balance
Post-Closing Trial Balance Accounting Financial Statements Closing Entries Temporary Accounts Trial Balance General Ledger
A Post-Closing Trial Balance is prepared after closing entries are recorded and posted, ensuring that beginning balances for the next accounting period are accurate and free of temporary accounts.
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