Explain What Occurs During the Closing Stage of the Selling

question 280

Essay

Explain what occurs during the closing stage of the selling process and list the three types of close.

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Definitions:

Asset Management

The systematic process of developing, operating, maintaining, and selling assets in a cost-effective manner.

Depreciation Expense

Depreciation Expense represents the systematic allocation of the cost of a tangible asset over its useful life, reflecting its wear and tear or obsolescence.

Contra-Asset

A contra-asset account is an asset account where the balance of the account is either zero or a credit balance, used to reduce the value of the related asset, such as accumulated depreciation for fixed assets.

Accumulated Depreciation

The total amount of a company's asset that has been expensed for depreciation to date.