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SDO1 BID COVER SHEETReference Number: Closing Date and Time Description:ST/001/2018 26 January 2018 at 16h00 SAIPH National Accounting Olympiad documents should be submitted as follows: Posted to:

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What is corporatefinanceinstitutecomclosing-entryclosing entry - definition?

A closing entry is a journal entry made at the end of an accounting period to close out temporary accounts and transfer their balances to permanent accounts.

Who is required to file corporatefinanceinstitutecomclosing-entryclosing entry - definition?

All businesses that follow accrual accounting principles are required to make closing entries at the end of each accounting period.

How to fill out corporatefinanceinstitutecomclosing-entryclosing entry - definition?

To fill out a closing entry, you need to identify all temporary accounts, transfer their balances to permanent accounts, and then close the temporary accounts by zeroing out their balances.

What is the purpose of corporatefinanceinstitutecomclosing-entryclosing entry - definition?

The purpose of closing entries is to reset the balances of temporary accounts to zero and prepare the accounts for the next accounting period.

What information must be reported on corporatefinanceinstitutecomclosing-entryclosing entry - definition?

Closing entries must report the balances of revenue, expense, and dividend accounts.

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