Why do certain accounts get closed out at the end of the year ora period (versus other accounts that do not) ? What type ofaccounts get closed out?
Why do certain accounts get closed out at the end of the year ora period (versus other accounts that do not) ? What type ofaccounts get closed out?
Related questions
| What types of accounts must be closed at the end of theaccounting period? |
| What acronym might help us remember which accounts need to beclosed? |
| What are the four steps necessary to complete the closingprocess? |
| What entry is made to the revenue account to zero it out? |
| Where is the offsetting entry made when the revenue account iszeroed out? |
| What entry is made to all expense accounts to zero them out? |
| When the expense accounts are zeroed out, what offsetting entryis made? |
| Are the adjusting entries at the end of the period always madein pairs of one debit and one credit entry? Why or why not? |
| If revenues exceed the sum of expenses and owner withdrawals forthe period, what is the net effect on Ownerâs Equity? |
