Question: Explain the need for closing entries and describe the process by which temporary owners' equity accounts are closed at year-end. Explain the significance of measuring

Explain the need for closing entries and describe the process by which temporary owners' equity accounts are closed at year-end. Explain the significance of measuring a company's return on equity. Explain several purposes that may be served by preparing a worksheet (or using computer software that achieves the goals of a worksheet)

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