Definīcija: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.
Definīcija:A complete set of accounts required by law to be produced by all companies and most other business and administrative organizations, showing the results of trading and other operations during the accounting period, usually of a year, and the state of affairs at the end of that period (cf. "consolidated accounts").
