Question 5: 1. Explain the Accounting Year End Closing 2. List the steps of Closing Process 3. Explain Adjusting entries of year end. Provide examples with your explanation 4. In what order do you prepare Financial Statements and why? 5. Describe the purpose of adjusting accounts at the end of the period. 6. Explain how the timeliness, matching, and revenue recognition principles affect the adjusting process 7. Explain how accounting adjustments link to financial statements