An accountant’s report used to confirm that all debits and credits are equal in the accounting input process. It is also used to organized information and via a working trial balance, adjust existing information to comply with other accounting formats: cash basis, tax basis, GAAP and so on.
All the lessons to date lead into this one long and arduous task with bookkeeping called ‘Closing the Books’. Closing of the accounting records is performed at the end of interim and fiscal year periods. […]