Question

What do you mean by the close of financial year audit?

Answer 1

Answer:

the foscal year and close process is required to

perepare the general ledger accounts for fincial

statements presentation and for the start of the

next accounting process. the closing process

consists of steps to transper income statements accounts to blance sheet accounts

Answer 2

An accounting practice performed at the end of the year to close the previous year 's business is known as the close of the financial year audit.

• It is an accounting process carried out at the end of the year in order to close the previous year's business.
• It further, carry forwards the balance of the previous year and to open the books for the coming year.
• Year-end closing is part of the closing activities of a business, and is used to establish the financial statements of a company
• The closing process consists of steps to move balance sheet accounts to income statement accounts.