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What does the break statement do?
Year-End Closing Process
The series of steps taken by businesses at the end of an accounting year to close out books, including reconciling accounts and preparing financial statements.
End-Of-Period Spreadsheet
A tool used in accounting to gather all the balances of ledger accounts to calculate adjustments and prepare financial statements at the end of an accounting period.
Closing Entry
A journal entry made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts, essentially resetting the temporary accounts for the new period.
Post-Closing
The final phase in the accounting cycle where accounts are prepared for the start of the next period, following the closing entries are made to reset temporary accounts.
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