Journalizing and Posting Closing Entries Is a Required Step in the Accounting

question 212

Essay

Journalizing and posting closing entries is a required step in the accounting cycle. Discuss why it is necessary to close the books at the end of an accounting period. If closing entries were not made how would the preparation of financial statements be affected?

---

Definitions:

Practical Encouragement

involves offering real and meaningful support to individuals or teams to motivate and increase their confidence in achieving goals or overcoming challenges.

Informal Training

Learning that occurs outside of a structured, formal classroom environment, often through experience, observations, or interactions with others.

Supervisory Assistance

Support and guidance provided by supervisors to help employees perform their duties more effectively.

Sensitivity Training

Training programs aimed at improving participants' awareness and understanding of interpersonal dynamics, particularly regarding diversity and inclusivity.