Describe the four steps in the closing process

Reference no: EM131342807

1. Describe the four steps in the closing process.

2. Identify each of the following categories of accounts as temporary or permanent: assets, liabilities, equity, revenues, expenses, dividends. How is the distinction between temporary and permanent accounts related to the closing process?

3. Why are only the balance sheet accounts permanent?

4. List the seven steps in the accounting cycle in the order in which they occur.

Reference no: EM131342807

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