04 Narrated power point Closing process
A Ten minute presentation on the completion of the accounting cycle: The Closing process. This includes the logic and reason behind why certain 'Temporary' accounts have to be closed. Essecially all income statement accounts plus the drawing (dividend) accounts are temporary accounts and have to be brought to a zero balance at the end of every accounting period. All balance sheet accounts are "permanent" accounts and are not closed. The "post closing trial balance" is used to verify no temporary accounts have balances and the accounting system is in 'balance'.