Why do we list each expense and revenue during the closing process? Wouldn't it be easier to

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Why do we list each expense and revenue during the closing process? Wouldn't it be easier to debit a generic revenue account for all revenues and credit a generic expense account for all expenses?

Posted Date: May 18, 2024 03:08 PM

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Why do we list each expense and revenue during the closing process? Wouldn't it be easier to

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