Discussion questions

5. Where does the accountant obtain the data needed for the adjusting entries? 6. Why does the accountant record closing entries at the end of a period? 7. Where does the accountant obtain the data needed for the closing entries? 8. How is the Income Summary account used in the closing procedure? 9. Briefly describe the flow of data through a simple accounting system. 10. What three procedures are performed at the end of each accounting period before the financial information is interpreted