ACCT 212 (ACC)

ACC 561 Final Exam 2

ACCT 212 Final Exam (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the clo sing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal e...