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Accounting and Administrative Manual
Section 100: Accounting and Finance
Year End Closing Requirements
No.: A14Date: 04/30/00
Page:
1 of 1General:
Each year approaching the close of the university
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How to fill out year end closing requirements
How to fill out year end closing requirements
01
Review all financial records for the year
02
Complete any outstanding transactions or adjustments
03
Reconcile all bank statements and ensure they match the financial records
04
Prepare financial statements such as income statements, balance sheets, and cash flow statements
05
Close all revenue and expense accounts to the retained earnings account
06
Prepare necessary tax forms and reports
07
Conduct a final review and ensure compliance with accounting standards and regulations
08
Archive all relevant documents and records for future reference
Who needs year end closing requirements?
01
Companies and organizations of all sizes that follow proper accounting practices and regulations
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What is year end closing requirements?
Year end closing requirements refers to the process of finalizing financial statements and reports at the end of the fiscal year.
Who is required to file year end closing requirements?
Any business or organization that follows accrual accounting is required to file year end closing requirements.
How to fill out year end closing requirements?
Year end closing requirements can be filled out by compiling financial data, reconciling accounts, and preparing financial statements.
What is the purpose of year end closing requirements?
The purpose of year end closing requirements is to provide accurate and complete financial information for stakeholders.
What information must be reported on year end closing requirements?
Information such as income statement, balance sheet, cash flow statement, and any relevant notes must be reported on year end closing requirements.
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