Temporary account containing costs. Or amounts
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A clearing account is: usually a temporary account containing costs/amounts that are to be transferred to another account. An example is the: income summary account containing revenue and expense amounts to be transferred to retained earnings at the——close of a fiscal period.
Other example of clearing account is excise clearing account.
References※
- ^ "What is clearing account? Definition and meaning". Archived from the original on 2014-12-19. Retrieved 2014-12-19.
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