Explain Why Temporary Accounts Are Closed Each Period

question 42

Essay

Explain why temporary accounts are closed each period.

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Definitions:

Business Ecosystem

A dynamic network of interrelated entities, including organizations, individuals, and technologies, interacting within a particular market or industry.

Apple

A global technology company known for its innovations in consumer electronics, software, and services, including the iPhone, iPad, and MacOS.

iPhone and iPad Apps

Software applications developed specifically for use on Apple's iPhone and iPad devices, available through the App Store.

Android

An operating system developed by Google for mobile devices, characterized by its open-source accessibility and widespread use in smartphones and tablets.