WHAT DOES INCOME SUMMARY MEAN

The answer is The income summary account is an account that receives all the temporary accounts of a business upon closing them at the end of every accounting periodFiscal Year (FY)A fiscal year (FY) is a 12-month or 52-week period of time used by governments and businesses for accounting purposes to formulate annual. The income summary account is a temporary account into which all income statement revenue and expense accounts are transferred at the end of an accounting period. The net amount transferred into the income summary account equals the net profit or net loss that the business incurred during the period.

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