closing off


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closing off

the process of listing all the balances in the LEDGERS and CASH ACCOUNT of a firm after the TRIAL BALANCE. PROFIT AND LOSS ACCOUNT and BALANCE SHEET have been completed. It ensures that all the balances have been carried forward to the next accounting period before any more transactions are recorded or posted. See ACCOUNTING.
References in periodicals archive ?
Effectively closing off the area for mining, the act was protested by Utahns, including Utah Governor Mike Leavitt, as a cynical last-minute political ploy pandering to the environmentalist vote while punishing a state that would vote against Clinton no matter what.
You can save energy used for heating or cooling by closing off one or more rooms or an entire house.
But when the head is tipped back, closing off the airway relies more on manipulation of the tongue.
The shale had swollen and sloughed into the lateral closing off the production flow to the main wellbore.
Officers rushed to the scene, closing off the street, neighbouring Vyse Street and Spencer Street.