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:

Jamestown

The first permanent English settlement in North America, founded in Virginia in 1607.

Creole

A term used to describe people of mixed European and black descent, particularly in the Caribbean, or languages that have evolved from the blending of different languages in colonial regions.

Portuguese Slave Ship

A vessel used by the Portuguese in the 15th to 19th centuries for the transatlantic slave trade, transporting enslaved Africans to various colonies in the Americas.

Dutch Traders

Merchants from the Netherlands who were prominent in early global trade, including the fur trade in North America and the spice trade in Asia.