Asked by
Brianna Williams
on Nov 12, 2024
Verified
The closing process is sometimes referred to as closing the books.
Closing Process
The steps taken at the end of an accounting period to prepare accounts for the next period, including zeroing out temporary accounts.
Closing the Books
Closing the books is an accounting process involving updating ledger accounts at the end of an accounting period to prepare financial statements.
- Familiarize oneself with the objective and method involved in concluding entries within the accounting framework.
Verified Answer
NK
Learning Objectives
- Familiarize oneself with the objective and method involved in concluding entries within the accounting framework.