At the end of an accounting period, certain accounts are closed so they have a zero balance at the beginning of the new accounting period. The act of zeroing these accounts is called closing entries.

Learn how accounting spreadsheets work with real examples of journals plus when to switch to accounting software.

Closing entries are the journal entries recorded at the end of an accounting period to close out balances of income statement accounts and transfer them to the account of retained earnings in the ...

Financial accounting is a specific type of accounting that uses standardized processes and guidelines for businesses to record their financial transactions and prepare financial statements for ...