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Chapter 4 Vocabulary

Completing the Accounting Cycle

TermDefinition
Accounting Cycle The process by which companies produce their financial statements for a specific period
Classified Balance Sheet A balance sheet that places each asset and each liability into a specific category
Closing Entries Entries that transfer the revenues, expenses, and Owner, Withdrawals balances to the Owner, Capital account to prepare the company's books for the next period
Closing process A step in the accounting Cycle that occurs at the end of the period. The closing process consists of journalizing and posting