For this Discussion Board, please complete the following:
The closing process is a very important part of the accounting cycle. It is necessary for organizations to “close” their accounting books every accounting period. These periods could be monthly, quarterly, or yearly.
Identify 1 account that is affected by the closing process and 1 account that is not affected by the closing process.
Why is it necessary for organizations to “close” their books?
Part 2 Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 50–100-word reply about their Primary Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following question:
What differences or similarities do you see between your posting and other classmates’ postings?
