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Explain the concept of the closing process by drawing

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Question

Assume that one of your colleagues states that a company's books should be ongoing and therefore not closed until that business is terminated. Explain the concept of the closing process by drawing analogies between (1) a scoreboard for an athletic event and the revenue and expense accounts of a business or (2) a sports team's record book and retained earnings.

(Hint: Think about what would happen if the scoreboard were not cleared before the start of a new game.)

Reference no: EM132378555

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