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1 backflush costing
An accounting method that flows product and production costs to cost of goods sold accounts during an accounting period and that backflushes those costs to raw material and finished goods accounts for products not sold at the close of the accounting period. -
2 year-end closing
"An accounting process that occurs at the end of the fiscal year and is used to transfer the balances of the temporary owners’ equity accounts to the permanent owners’ equity account, to carry forward closing account balances from one accounting period to opening account balances in the subsequent accounting period, and to generate financial statements." -
3 trial balance
A report that lists the balances of ledger accounts for a specified time period. -
4 bank statement
A statement that itemizes economic activity recorded in one or more accounts over a specified period of time.
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