Why should you set a closing date for your file after you have closed an...

50.1K

Verified Solution

Question

Accounting

Why should you set a closing date for your file after you have closed an accounting period?

A. Because without a closing date, the system will not save transactions to the correct period.

B. Because the file will require it before you can generate any reports.

C. To determine the fiscal year for the business.

D. To limit changes to past saved entries.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students