steps in closing accounting process

User Generated


Business Finance

Question Description

Identify the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. make 2 recommendations for improving the accuracy and reliability of the information in the gaps you mentioned.

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Explanation & Answer

Well, accounting isn't my strongest field of knowledge. And I don't know a lot of terms anyways, as I am an unconventional learner. But I can tell you everything I know about money managing. I'd be happy to give you insight on financial matters. email me:   Or I mean, you could just message me on here, but I don't know how reliable that is.

But the best thing I can say about the closing processes of what I'm assuming is one financial term would be that you shouldn't mess up at all with negative income, like expenses and debts and money you owe. Make sure that you never mess up with those numbers. Check everything twice, and don't ever budget all of the money for a particular thing, like if you have 500 dollars to spend on advertising for a project, only budget 450, because there can always be hidden fees that you won't find out about right away. So leave some leeway.

Qbpgbe G (547)
UC Berkeley

Just what I was looking for! Super helpful.