Kathleen thinks that, after the financial statements have been prepared, it is necessary to prepare and post

Question:

Kathleen thinks that, after the have been prepared, it is necessary to prepare and post closing entries before starting to record transactions for the next accounting period. Explain to Kathleen why this is not always correct.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...