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Why is drawing not in the income statement

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Question 1. Why do the steps in the accounting cycle have to be done in order.

Question 2. Why is Drawing (Withdrawing) not in the income statement.

Question 3. If you use an end-of-period spreadsheet (work sheet), why do you still have to prepare the financial statements? Isn't all the information the user needs on the spreadsheet.

Question 4. Why do we prepare the closing accounts.

Question 5. Why do we list each expense and revenue during the closing process. Wouldn't it be easier to debit a generic revenue account for all revenues and credit a generic expense account for all expenses.

Reference no: EM132658365

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