income summary account


A temporary account used to gauge the net revenue or net loss for a business for a period of time. Revenue and expense accounts are closed into an income summary account at the conclusion of the accounting cycle, producing a net balance that indicates the relative success of the business for that accounting period.

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You should try and open up an income summary account if that will make things easier for your companies future.

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The income summary account was important for me and it told me some key things about the business and everything.

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You will not see the income summary account on the financial records for a company that are posted for possible investors to see.

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income subject to tax income support