Question

Week 4 Discussion Available on Monday, September 14, 2020 7:33 AM CDT until Sunday, September 20, 2020 11:59 PM CDT ☆ Subscribe What are some of the challenges a company's Accounting Department faces during the closing process? How many days after the end of the month, quarter, year do you believe it normally takes to close the books?

Answer 1

company's collecting wall documents Challenges faced by Accounting Departiment during closing process : Ocollection of money from debtors Challenge in cand receipts supporting transactions. Payment of all statutory dues is wa challenging task in terms of completing preliminary process. Sometimes balancing of call types of accounts becomes in difficulty O Clasification of inventory, in terms of opening stock, work in process and finished stock o Checking cash balances becomes a problem because their care lot of chances of embezzlement in it. o Thus wat the closing ferocess there are lot of work to be done by the accounting, department, which becomes a difficult task. o Collection of various evidences, receipts.

Generally it takes a month after the end of year to close the books. It takes normally 15 days to clove the books at the end of quarter. After the end of the month, it normally takes & Sdays to close the books.