Meaning income summary account
What does income summary account mean? Here you find 2 meanings of the word income summary account. You can also add a definition of income summary account yourself
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income summary accountA temporary account to which the income statement accounts are closed. This account is then closed to the owner's capital account or a corporation's retained earnings account. This and other [..]
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income summary accountDefinition A temporary account used to gauge the net revenue or net loss for a business for a period of time. Revenue and expense accounts are closed into an income summary account at the conclusion o [..]
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