A temporary account is a general ledger account that begins each accounting year with a zero balance. Then at the end of the year its account balance is removed by transferring the amount to another account. This is done through closing entries. Temporary accounts are also referred to as nomin...
What do I Need to Open a Bank Account? Discussion Comments ByKaBoom— On Jul 15, 2011 @indemnifyme - The way your agency uses the temporary account makes a lot of sense. I'm sure it's easier for the insurance company to do their accounting when the deposit/transfer is made to their...
What is the difference between an adjunct account and a contra account? Is the drawing account a capital account? What is a temporary account? What is a credit? What is the difference between a nominal account and a real account? What is the accounting entry to close the sole proprietorship...
Definition:Temporary accounts or nominal accounts are closed at the end of every year. This means the account balances are zeroed out and the moved to the retained earnings account. That is why these accounts are called temporary accounts. They don’t perpetually have a balance. Every year they...
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Revenue is a temporary account that indicates the amount of money generated by the company for a certain period of time. Close a revenue account by writing a debit entry for the total amount generated in the period. For example, if your company generates $10,000 for the period, you must ...
(a) What is a control account? (b) What purpose does it serve? Subsidiary Ledger A subsidiary ledger is created to house the detailed transactions for a subset of accounts such as accounts receivable, or accounts payable. The transaction totals of the subsidiary ledger are then summar...
employment agency, a process that usually involves charging the employer a significantly higher amount than what it pays to the employee. Whatever the case, the employer considers the employee supplied by the agency to be atemporary worker, and the contract between them is a temporary employment ...
What is a temporary file? A temporary file is a file created by a computer program to store data temporarily while the program is running. These files are usually deleted automatically when the program is closed. When you open a software application, it may create temporary files in order to...
Often, a local government wants to attract or keep businesses in its community. To achieve this, the government can offer a tax abatement in the form of a temporary reduction in generalbusiness taxes. For example, the Ratner Steel Company was given a tax abatement from the city of Portage,...