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Term of the Day
temporary account
accounts receivable subsidiary ledger
nominal accounts
Definition
A method used for
income
and
expenses
for a particular time. Once the
company's
financial
year ends
, these
accounts
are converted to an
equity
account
.
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Popular 'Accounting' Terms
current ratio
equity
working capital
asset
EBITDA
revenue
net income
negotiable
net profit
net worth
Related Terms
nominal accounts
income summary account
accounts receivable subsidiary ledger
temporary new account
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