Accounting Glossary: Closing

Our accounting and bookkeeping Terms glossary has definitions to over 150
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Closing:
The term closing refers to procedures that take place at the end of an accounting period, which is at the end of the year. Adjusting entries are made. The income and expense accounts are closed. The net income or loss that results from the closing of these accounts is transferred to an equity account called Owner's Equity for a sole proprietorship; Partner's Equity for a partnership; and Retained Earnings for a corporation.
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Accounting Glossary: Closing