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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DISSOLUTION is the act of ending, terminating or winding-up a company or state of affairs. For example, when the life of a company is ended by normal legal means, it is said to be "dissolved". The same is said of marriage or partnerships which, by dissolution, end the legal relationship between those persons formally joined by the marriage or partnership.

FGI see FINISHED GOODS INVENTORY.

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