Why are the statement of earnings accounts closed, but the statement of financial position accounts are not?

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Financial Accounting

ISBN: 978-1259103285

5th Canadian edition

Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M

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Question Posted: Aug 04, 2015 03:58 AM

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Why are the statement of earnings accounts closed, but the statement of financial position accounts are not?

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The statement of earnings accounts are closed at the end of the accounting period because they are ...View the full answer

Financial Accounting

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