All entries in the accounting books must be made by the last day of the accounting period so that the firm may close their books.

Question

Quizplus · Accepted Answer

While it is recommended to have all entries made by the last day of the accounting period, adjustments and corrections can still be made after that date. The firm may also choose to leave their books open for a certain period of time after the accounting period ends in order to make adjustments or complete necessary tasks.

All Entries in the Accounting Books Must Be Made by the Last