Short Answer Questions 190. Explain why temporary accounts are closed each period. 191. Explain the difference between temporary and permanent accounts. 192. List the steps in the accounting...

Short Answer Questions

190. Explain why temporary accounts are closed each period.

191. Explain the difference between temporary and permanent accounts.

192. List the steps in the accounting cycle.

193. How is the current ratio calculated? How is it used to evaluate a company?

194. Describe a work sheet and explain why it is useful.