CLOSING ENTRY Definition

Bookmark and Share

CLOSING ENTRY is a journal entry at the end of a period to transfer the net effect of revenue and expense items from the income statement to owners equity.

Learn new Accounting Terms

PURE COST is any direct readily verifiable cost assignable to the subject or item, e.g., the direct cost of producing a product.

EXPOSURE, generally, is the extent to which a product is kept in the public eye through the press, radio, television, and public appearances. In finance, exposure refers to the amount that a business or person can lose. For example: in foreign exchange, it refers to the degree to which a company is affected by exchange rate changes.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.