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Identify one account that is affected by the closing process

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Reference no: EM132818955 , Length: Word count:- 250

Within the Discussion Board area, write 200-250 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

For this Discussion Board, please complete the following:

The closing process is a very important part of the accounting cycle. It is necessary for organizations to "close" their accounting books every accounting period. These periods could be monthly, quarterly, or yearly.

Question 1: Identify 1 account that is affected by the closing process and 1 account that is not affected by the closing process.

Question 2: Why is it necessary for organizations to "close" their books?

Reference no: EM132818955

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