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 ...

Accountants record closing entries at the end of every accounting period. Closing entries transfer the revenues and expenses the company incurred during the period to the equity section of the balance ...

Businesses have two options when accounting for inventory -- perpetual and periodic. In a perpetual inventory system, inventory is updated after each sale and purchase transaction through a series of ...