At the end of an accounting period, certain accounts are closed so they have a zero balance at the beginning of the new accounting period. The act of zeroing these accounts is called closing entries.

T-accounting is a method used by accountants and bookkeepers that gets its name from the T shape formed by the two columns used to record entries. Also called double-entry accounting, T-accounting ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...