Accounting 4 : Closing process
- Identify and discuss the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Why did you select these steps and what makes them confusing?
- Make at least two (2) recommendations for improving the accuracy and reliability of the information in the gaps that you have identified.
- Justify your response.
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At the end of each accounting period, a company must close their books and is so doing make their accounts ready for the next cycle. Key steps of doing this include zeroing and closing out each temporary account and rolling over the balances of permanent accounts.
In order to close the temporary accounts, each account must either…………
APA
384 Words
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