Terms to Know
Accounts whose balances are closed at the end of an accounting period and reopened at the beginning of the next period.
Earnings from interest or from the sale of goods or services.
Costs associated with operating or maintaining a company.
An entry made at the end of an accounting period that is used to close out a temporary account.
An account that keeps a record of money taken out of the business by its owner or owners.
Source: All images created by Virginia Coco