If a company prepares P&L and SOFP on a yearly basis; do they have to close their revenue accounts and transfer the balance to their P&L accounts during each month-end procedure and start the new month with a zero balance in the Revenue accounts?
Ask the Tutor ACCA FA
Month-End procedures
6y ago#1Although many companies do this, it is not a requirement and is not relevant for the Paper FA exam.
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