Please answer all question.

Please provide a thoughtful response to each of the questions below

1. Closing entries are only recorded for temporary accounts. Why is that?

2. It was mentioned in the video(s) that there are ten steps to the accounting cycle and that it wasn't in your best interest to memorize them. It is helpful to understand the relationship from one step to the next instead. Please tell me how you see the relationship of each of the steps to the next step.

3. We added one more ratio to the mix in this chapter; the current ratio. Why do you think it's important for the owners/managers/decision makers of a company to utilize the current ratio?