Asked by Trinity McClendon on Jun 13, 2024
Verified
Journalizing and posting closing entries must be completed before financial statements can be prepared.
Journalizing
Journalizing is the process of recording transactions in the accounting journals as part of the double-entry bookkeeping system.
Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, ultimately resetting the temporary accounts for the new fiscal period.
- Acknowledge the progressive stages in the accounting cycle.
Verified Answer
RM
Roshini MallulaJun 20, 2024
Final Answer :
False
Explanation :
Closing entries are made after the financial statements have been prepared to reset the balances of temporary accounts for the next accounting period.
Learning Objectives
- Acknowledge the progressive stages in the accounting cycle.
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