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Part of the accounting cycle

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Reference no: EM133160222

Part 1.

Primary Response: Within the Discussion Board area, write 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.

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.

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

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

Part 2.

Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 50-100-word reply about their Primary Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following question:

What differences or similarities do you see between your posting and other classmates' postings?

Reference no: EM133160222

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