Explain the concept of the closing process

Reference no: EM131532899

Question: Assume that one of your classmates states that a company's books should be ongoing and therefore not closed until that business is terminated. Write a half-page memo to this classmate explaining the concept of the closing process by drawing analogies between

(1) a scoreboard for an athletic event and the revenue and expense accounts of a business or

(2) a sports team's record book and the capital account. Think about what would happen if the scoreboard is not cleared before the start of a new game.

Reference no: EM131532899

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