ADJUSTING ENTRIES Definition

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ADJUSTING ENTRIES are special accounting entries that must be made when you close the books at the end of an accounting period. Adjusting entries are necessary to update your accounts for items that are not recorded in your daily transactions.

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INTERESTED PARTY is any person that has a real and direct interest in any proceeding or action being proposed or taken.

SUPERANNUATION is a. the act of discharging someone because of age (especially to cause someone to retire from service on a pension) or, b. a monthly payment made to someone who is retired from work.

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