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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Month-End procedures
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?
Although many companies do this, it is not a requirement and is not relevant for the Paper FA exam.
