Question

In the closing process, ______ are zeroed out by crediting each account and ______ are zeroed out by debiting each account.

Answer 1

In the closing procedure, expenses and dividends are zeroed out by crediting each account, and incomes are zeroed out by debiting each account.

What is the objective of the closing process?

One purpose of closing admissions is to communicate net income or net loss for the period to Retained Earnings. A second objective is to "zero out" all temporary accounts (revenue accounts, expense accounts, and Dividends) so that they begin each new period with a zero balance.

The statement of cash flows must be prepared last because it takes data from all three previously prepared financial statements.

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