Define the Key Terms - Accounting cycle and Clearing account

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Question - Define the following Key Terms.

Key Terms

Accounting cycle

Current ratio

Notes receivable

Clearing account

Fiscal year

Real (permanent) accounts

Closing entries

Fixed (plant) assets

Solvency

Closing process

Income summary

Temporary (nominal) accounts

Closing the books

Liquidity

Working capital

Current assets

Long-term liabilities

 

Current liabilities

Natural business year

 

Reference no: EM131906123

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