CLOSING ENTRY Definition

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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.

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TRANSLATION EXPOSURE, in foreign exchange, is to convert the results of foreign operations from the local currency to the home currency in the areas of paper exchange gains or losses; it is retrospective and short-term in nature.

FISCAL POLICY is U.S. Federal policy with respect to spending and taxation as determined by the Congress and the Administration.

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