Which Accounts Are Closed at the End of the Accounting

question 174

Essay

Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

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Definitions:

Civic Virtues

The qualities that add to the betterment of the community and contribute to the responsibilities and roles of a citizen.

Positive Institutions

Institutions that aim to cultivate psychological strengths and promote mental health and well-being among the population.

Collective Good

the benefit or interests of all involved in a given community or society, often pursued through cooperative efforts and altruism.

Recognize Good

The ability to identify and appreciate positive aspects or moral goodness in situations or in the behavior of others.