Journalizing and Posting Closing Entries Is a Required Step in the Accounting

question 77

Essay

Journalizing and posting closing entries is a required step in the accounting cycle. Explain why it is necessary to close the books at the end of an accounting period.

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Definitions:

Relevant

Relevant means closely connected or appropriate to the matter at hand, often used to describe information or data that directly applies to a topic or situation.

Distinct

Clearly different or distinguishable in nature, significance, or characteristics.

Data and Information

Data refers to raw, unprocessed facts, while information is data that has been processed in a way that is meaningful to the user.

IT Security

The practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks and unauthorized access.