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Q. Explain about closing process?
Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Retained Earnings. You as well learned that we prepare financial statements for certain accounting periods. The closing process transfers (a) the balances in the revenue and expense accounts to a clearing account called Income Summary and after that to Retained Earnings and (b) the balance in the Dividends account to the Retained Earnings account. The closing process reduces expense, revenue and Dividends account balances to zero thus they are ready to receive data for the next accounting period. Accountants may perform the closing process monthly or annually.
formation of partnership and changes in constitution of parternship
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how we prepare ledger account and trial balance?
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
norman co borrows $15,000 with a 8%interest 38,000 account receivable paid $26,000 salary
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