CLOSING ACCOUNT Definition

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CLOSING ACCOUNT is the determining the balance of an account and posting an entry to offset such balance.

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LIFO RESERVE is the difference between the ending inventory under LIFO and FIFO (or other method that might be chosen).

TURNAROUND is the reversal of unfavorable circumstances of a business where an investment opportunity may exist. A firm may work with such a business to restructure the management and finances in order to take the greatest advantage of more favorable circumstances. There are organizations like the Turnaround Management Association that specialize in turning around failing companies.

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