Asked by
Doneza Alvarez
on Nov 15, 2024
Verified
Financial statements are generally prepared before the closing entries are posted.
Financial Statements
Summary reports that convey the financial activities and condition of a business or individual.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.
- Acknowledge the importance and consequence of making adjusting and closing entries in financial statements.
Verified Answer
ED
Learning Objectives
- Acknowledge the importance and consequence of making adjusting and closing entries in financial statements.