Question: 1- Explain the closing process in accounting. (Include the STEP-BY-STEP closing process) 2) Why is it important to classify permanent and temporary accounts? (You may

1- Explain the closing process in accounting. (Include the STEP-BY-STEP closing process)

2) Why is it important to classify permanent and temporary accounts? (You may answer this by defining, contrasting, and comparing permanent accounts versus temporary accounts; What happens when temporary accounts are not closed? Why permanent accounts are not closed and when can they be closed?)

3) Discuss what is an Income Summary and how is this used during the closing process?

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