Question
1- Explain the closing process in accounting. (Include the STEP-BY-STEP closing process) 2) Why is it important to classify permanent and temporary accounts? (You may
1- Explain the closing process in accounting. (Include the STEP-BY-STEP closing process)
2) Why is it important to classify permanent and temporary accounts? (You may answer this by defining, contrasting, and comparing permanent accounts versus temporary accounts; What happens when temporary accounts are not closed? Why permanent accounts are not closed and when can they be closed?)
3- 3) Discuss what is an Income Summary and how is this used during the closing process?
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
13th Edition
8120335643, 136126634, 978-0136126638
