Accounting Cycle: Recuuring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trial balance. Classified balance sheet: balance sheet that presents assets and liabilities in relevant subgroups. Including current and noncurrent classifications. Closing entries: Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, gain, expense, loss, and withdrawal (dividend for a corporation) acocunts to the capital account (to retained earnings for a corporation). Closing process : Necessary end-of-period steps to prepare the accounts for recording the transactions of the next period. Current assets: Cash and other assets expected to be sold, collected, or used within one year or the company’s operating cycle, whichever is longer. Current liabilities: Obligations due to be paid or settled within one year or the company’s operating cycle, whichever is longer. Income summary
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