FINANCIAL FORECASTS are prospective financial statements that present expected future financial position, results of operations, and cash flows based on expected conditions, i.e. a financial forecast is of the most likely future scenario.
STATUTORY LAW is law enacted by the legislative branch of government, as distinguished from case law or common law.
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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