ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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CLOSING ACCOUNT Definition
CLOSING ACCOUNT is the determining the balance of an account and posting an entry to offset such balance.
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FIFO (first-in, first-out) is an inventory cost flow whereby the first goods purchased are assumed to be the first goods sold so that the ending inventory consists of the most recently purchased goods.
ACCOUNT DISTRIBUTION is the process by which debits and credits are identified to the correct accounts.