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The Closings (process, entries , trial balance).docx

3 Pages

Financial Management
Course Code
FMGT 1116

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The Closings (process, entries , trial balance) The Process  is performed at the very end of the accounting time period  occurs after the financial statements are set together  PURPOSE: to prepare accounts for the recording of the transaction for the next set of time period  the temporary accounts are :  revenues  expenses  withdrawal accounts  opened at the beginning of every accounting period  closed at the end of every accounting period  the permanent accounts :  assets  liabilities 
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