closing off


Also found in: Dictionary, Thesaurus, Idioms.

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 ?
He suggests a box-type multispeed window fan "as large as will fit in the window" Keeping the windows and doors closed, except where bringing air in and exhausting it out, will also help facilitate air flow, as will closing off any rooms not in use.
ECHO Reporter ``In some parts of Merseyside cases of these crimes have been halved simply by closing off the alleyways.''
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.
Israel began closing off Palestinian controlled areas after the Palestinian uprising began more than five-months ago.
This means that an equal melt pressure on both ends will result in a net force (pressure x area) driving the piston backward and closing off flow through the valve.