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What would be the impact on the financial statements

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Reference no: EM132833868

Problem 1: It is important to record accounting transactions in a timely manner so that you can close out your books properly at the end of a quarter. Identify and discuss the factors that lead to a user failing to record transactions in a timely manner in accounting systems like QuickBooks. Justify your response.

Problem 2: What accounting numbers need to be "closed out"? Why?

Problem 3: What would be the impact on the financial statements if a sales transaction was not recorded?

Reference no: EM132833868

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