year-end closing
Definition
An accounting procedure undertaken at the end of the year to close out business from the previous year, carry forward balances from the previous year, and open posting accounts for the upcoming year. Year-end closing is part of a company's closing operations, and is used to create a company's financial statements. See also month-end closing, day-end closing.
year-end closing is in the Accounting & Auditing subject.
year-end closing appears in the definitions of the following terms: month-end closing, closing operations and day-end closing
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