Closing Entries
Journal entries made at the end of an accounting period to reset temporary accounts like revenue and expenses to zero. These balances are transferred to retained earnings or capital accounts. Closing entries prepare the books for the next period and ensure accurate financial reporting.
More Items
Capital
Capital refers to the funds or assets invested in a business by its owners or shareholders. It includes both cash…
Controlling Interest
Controlling interest in the ownership of more than 50% of a company’s voting shares, giving the holder authority to make…
Conservatism Principle
An accounting concept requiring that potential losses be recognised immediately, but gains only when realised. It ensures financial statements are…
This website uses cookies to improve your experience. You can accept all or reject non-essential cookies.