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List the THREE things the closing process

List the THREE things the closing process

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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List the THREE things the closing process does:
Transcribed Image Text:List the THREE things the closing process does:
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Step 1

Closing process defined asNecessary end of period steps to prepare  accounts for recording  transactions of   next period.  closing process will close out temporary accounts, temporary account including income statement accounts and draws accounts.

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