clearing account |
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Definition
A temporary account that holds costs until they can be transferred elsewhere. For example, a company might use a clearing account to hold revenue and costs when completing year-end fiscal calculations. When the company has finished placing the revenue and costs in the account it can then transfer the amount to the company's net earnings.
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clearing account is in the Accounting & Auditing subject.
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http://www.businessdictionary.com/definition/clearing-account.html