Answer each question with 100+ words

1. How would you define closing entries?

2. Why are most closing entries completed at the end of the year?

3.Would you rather complete closing entries at year end or month end close? Explain.

4. Describe the nature of the Income Summary account, and identify the types of summary data that may be posted to this account.

5. Why do you think it is important to summarize account information before posting to the Retained Earnings account?

6 What is the general ledger?

7. What order are the accounts arranged in the general ledger? Why?

8. Why is an audit trail necessary?