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:

Native American

Refers to the indigenous peoples of the United States, including their cultures, histories, and current challenges.

Middle-aged

A term used to describe individuals who are in the middle phase of life, typically between the ages of 45 and 65.

Autosomal Dominant

A pattern of inheritance in which an affected individual has one copy of a mutant gene and one normal gene on a pair of autosomal chromosomes.

Type 1 Diabetes

An autoimmune condition where the pancreas produces little to no insulin, leading to elevated blood sugar levels.