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(also called accounting period, book year or financial period) specific period used for calculating profit (usually 12 months)
First In First Out method whereby stock is issued in the order it is received.
(also called informal bookkeeping) a casual operation where few records are kept of income,...
person or business that sells goods to the consumer in small quantities
General Journal entry to close off nominal accounts for the accounting period.
subsidiary journal used to record transactions that cannot be recorded in any other journal