temporary accounts
[ˈtɛmpəreri əˈkaʊnts]
nounpl: temporary accounts
contas temporárias
1. Accounting records used to track income, expenses, and drawings during a fiscal period, which are closed at the end of the period and transferred to permanent accounts
The company reviewed all temporary accounts before preparing the year-end financial statements.
A empresa revisou todas as contas temporárias antes de preparar os demonstrativos financeiros do final do ano.
2. Nominal accounts that accumulate data over an accounting period and are zeroed out during the closing process
Revenue and expense accounts are temporary accounts that must be closed each fiscal year.
As contas de receita e despesa são contas temporárias que devem ser encerradas a cada ano fiscal.
In both Brazilian and American accounting, temporary accounts are fundamental to the closing process at the end of fiscal periods. Brazilian accountants typically follow similar IFRS/GAAP standards for managing these accounts, though terminology may vary slightly by region. The concept is crucial for accurate financial reporting in both countries.
Related Idioms & Phrases
close the temporary accounts
zero out temporary accounts
transfer temporary accounts to retained earnings
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