Financial Statements and the Closing Process
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As the first quarter at your restaurant draws to a...
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Accounting
Financial Statements and the Closing ProcessDiscussion
As the first quarter at your restaurant draws to a close, youmust prepare your accounting records for a new period and a freshstart. Share with your classmates which accounts are permanent,which accounts are temporary, and why the closing entries must becompleted in order for a new period to begin.
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As we know that every organization have various stakeholders such as shareholders lenders customers regulatory bodies etc These all stakeholders want to know the performance of the organization on regular interval that is why at the end of a period accounting records are maintained by the organization so that required information can be delivered to the stakeholders Folowings are the common accounting records are maintained
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