Answer:
The closing process is necessary in order to confirm that net income or net loss and owner withdrawals for the period are closed into the owner's capital account.
Explanation:
Most economies around the world follow a specific accounting period which is commonly referred to as financial year or tax year. Before a new financial year begins, the accounts from the ongoing financial year have to be closed legitimately through a process called the 'closing process'. This process culminates in confirming that the net income secured or the net loss bore by the owner is included in no other account than the owner's capital account.
In order to carry out the closing process, the accountant has to commence with identifying the accounts that are required to be closed with or before the ending of the predefined financial period. He then has to record the last entries in these accounts as 'closing entries'. Once the accounts are closed, he has to calculate the trial balance and interpret the outcome. Closing of temporary accounts through a valid closing process dispenses the ease of calculating profit and loss in any given financial period coming to end.
Answer:
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BLIND OBEDIENCE occurs when soldiers or employees follow questionable orders, such as when nurses willingly follow a physician's order to give a patient a dangerously high dosage of medication.
The answer to this question is Elastic
An elastic product is the type of product which demand will be influenced by movement in prices. For product like cloud computing, the product could be considered more durable because it willl always stay needed and will not go rotten, so the movement in prices shouldn't necessarily affect them that much.
