One important form for growing businesses is called the trading profit and loss account. This account is a broad review of the profits a business made in an annual period, and can be divided into the ...

Financial records don’t just “end” when the fiscal year does. Companies often have a variety of accounts still open and active. To “close the books” on the period and establish the baseline for the ...

To provide guidance for financial year-end closing activities. The UTSA fiscal year is September 1 through August 31. Year-end closing activities are performed each fiscal year to help provide an ...

Closing entries transfer revenue and expense balances to the retained earnings account. This process resets the temporary account balances to zero for the new accounting period. Recording closing ...