A company's income statement shows the sales, expenses and profits for an accounting period. The balance sheet tracks assets, liabilities and owners' equity. In the double-entry system of accounting, ...

At the end of an accounting period, certain accounts are closed so they have a zero balance at the beginning of the new accounting period. The act of zeroing these accounts is called closing entries.

To provide guidance for financial year-end closing activities. The UTSA fiscal year is September 1 through August 31. Year-end closing activities are performed each fiscal year to help provide an ...