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May 2, 2017, TO:All Western Oregon University DepartmentsFROM:Darin Silbernagel Director of Business ServicesSUBJECT:Closing of the Books, Fiscal Year 20162017, Opening of 20172018The Business Office
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What is closing dates - accounting?
Closing dates in accounting refer to the date at which a company finalizes its financial records for a specific period, such as a month, quarter, or year.
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All businesses and organizations that maintain financial records are required to file closing dates in accounting to accurately reflect their financial position.
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To fill out closing dates in accounting, businesses typically review their revenue, expenses, assets, and liabilities to ensure they are accurately captured for the specific period being closed.
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The purpose of closing dates in accounting is to summarize the financial activities of a company for a specific period and prepare financial statements to inform stakeholders of the company's financial health.
What information must be reported on closing dates - accounting?
On closing dates in accounting, businesses must report their total revenues, total expenses, net income (or loss), assets, liabilities, and equity to provide a comprehensive overview of their financial status.
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