After a certain period it is necessary to evaluate and find out whether the work is moving in the right or wrong direction To make appropriate and correct decisions for the market trend Here the importance of having an accounting system appears that enables the business owner to understand the behavior of his activity and obtain reassurance about the correct conduct of his business. What is the fiscal year. Its importance and the beginning and end of the fiscal year in Egypt and.

Saudi Arabia What is the fiscal

When does it begin and end. The fiscal year is the period that expresses the company’s business output during months for example from to . Whether the UAE Telegram Number Data establishment aims for profit or not the financial year must have a beginning and an end so that the results of its work can be evaluat and the strengths and weaknesses can be identifi through the technical reports that are present to its representatives or owners at the end. What accounts are clos at the end of the year.

The financial year is clos according

The type of accounts temporary or permanent Temporary accounts It is the one whose economic benefits are relat to only one accounting Greece Phone Number List period as we close it in the permanent accounts and make its balances equal to zero. It includes both income statement accounts and personal withdrawals . Permanent accounts These are accounts whose economic benefits relate to one or more accounting periods such that they are not clos but rather their balances are carri over to a later accounting period. The permanent accounts are represent by the accounts of the statement of financial position assets liabilities and capital.