state what is the end point of financial accounting
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An accounting procedure undertaken at the end of the month to close out the current posting period. ... Types ofaccounting procedures addressed inmonth-end closing can include depreciating fixed assets, reconciling inventory discrepancies, settling work in progress material, posting billing documents, and payroll.
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Answer:Financial accounting results in the determination of net income at the bottom of the income statement. Assets, liabilities and equity accounts are reported on the balance sheet. The balance sheet utilizes financial accounting to report ownership of the company's future economic benefits.
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