Define the Key Terms - Accounting cycle and Clearing account

Assignment Help Accounting Basics

Reference no: EM131906123

Question - Define the following Key Terms.

Key Terms

Accounting cycle	Current ratio	Notes receivable
Clearing account	Fiscal year	Real (permanent) accounts
Closing entries	Fixed (plant) assets	Solvency
Closing process	Income summary	Temporary (nominal) accounts
Closing the books	Liquidity	Working capital
Current assets	Long-term liabilities
Current liabilities	Natural business year

Reference no: EM131906123

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