In this accounting learning object, students follow the steps involved in the closing process. Temporary accounts contain ending balances for a specified period and must be closed.
Learners examine the proper formats for block letters, modified block letters, simplified letters, memos, e-mail messages, and envelopes.
Learners examine the 10 steps of the accounting cycle. The cycle begins with the analysis of source documents and ends with the post-closing trial balance and interpreting the financial information.