Definition:A closing entry is ajournal entrymade at the end of an accounting period to transfer the temporary account balances to the permanent accounts. In other words, closing entries zero out or close temporary accounts and move their balances to permanent accounts to be carried forward to the...
百度试题 结果1 题目What is the purpose of adjusting entries in accounting? A. To increase profits B. To match revenues and expenses C. To reduce taxes D. To make the financial statements more complex 相关知识点: 试题来源: 解析 B
In recording closing entries, accountants effectively move revenues and expenses to the income summary. This is an important step in closing the books. The income summary account aggregates temporary accounts (sans dividends) during the closing process and thus isn’t reported on any financial statem...
Intercompany accounting is the recording of financial transactions between two different entities that are related by the same parent company. Learn with BlackLine.
A. To increase the company's profit B. To ensure the financial statements are accurate and up-to-date C. To reduce the company's tax liability D. To prepare for the next accounting period 相关知识点: 试题来源: 解析 B
Reclassification accounting helps improve the clarity and accuracy of financial statements. By moving amounts to their appropriate categories, it ensures that information is properly classified and reported in accordance with the relevant accounting standards. This helps stakeholders better understand the fina...
What is log retention? Log retention refers to the archiving of event logs, particularly those related to security, concerning the duration for which you store these log entries. These entries typically refer to all cybersecurity, allowing companies to hold information on security-related activities....
If a company is making its accounting entries after closing its physical location, no lagging expenses exist. In some cases, however, a company will need to retain enough cash to pay the final expenses associated with its physical location. This includes rent, utilities and security, among other...
题目 What is the purpose of adjusting entries at the end of an accounting period? 答案 B 解析 null 本题来源 题目:What is the purpose of adjusting entries at the end of an accounting period? 来源: 英语会计考试题目及答案 收藏 反馈 分享...
Expand What Is a Closing Entry? Understanding Closing Entries Recording a Closing Entry Special Considerations FAQs The Bottom Line By Daniel Liberto Updated July 31, 2024 Reviewed by Khadija Khartit Part of the Series Guide to Accounting Article Sources We Care About Your Privacy We and our 100 ...