Because entries can still be made in the earlier interim periods, closings for interim periods are known as what?

Question

Quizplus · Accepted Answer

Soft closings are used for interim periods because entries can still be made in those periods, allowing for adjustments or corrections to be made before the final closing of the period. Hard closings, on the other hand, close off the period completely, with no further entries allowed to be made once the period is closed. Horizontal and vertical closings are not terms used in accounting.

Because Entries Can Still Be Made in the Earlier Interim