“Financial Statement Accuracy”

“Financial Statement Accuracy”

Identify the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Make at least two (2) recommendations for improving the accuracy and reliability of the information in the gaps that you have identified. Justify your response.

*From the e-Activity, identify at least three (3) benefits afforded to the users of the financial statements and the company of accelerating the closing process. Provide a rationale to support your response.

“Closing The Books”:

Discuss closing entries and reversing entries

“Accounting Cycle”:

Is a worksheet a permanent accounting record and is its use required in the accounting cycle?

Due date Jan 27 (needs to be hundred words or more)