Question - Define the following Key Terms.
Key Terms
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Accounting cycle
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Current ratio
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Notes receivable
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Clearing account
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Fiscal year
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Real (permanent) accounts
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Closing entries
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Fixed (plant) assets
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Solvency
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Closing process
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Income summary
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Temporary (nominal) accounts
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Closing the books
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Liquidity
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Working capital
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Current assets
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Long-term liabilities
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Current liabilities
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Natural business year
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