Can you remember Speech Night 2014? That was (sort of) the end of the school's reporting period. It completed or closed official business for 2014. It included, for example, the duxes of 2014 which were Lorah and Natalie (they were both in school today and talking about university ... I was lucky to work with both of them). We would not want to get them confused with the duxes of 2013 or 2015 so Speech Night (closing entries) ensures that each year (reporting period) is separate and discrete. Having Speech Night 2014 enabled 2015 to start afresh. To start at zero. To ensure that only the prizes etc relevant to 2015 are now counted in this new year (reporting period) and they are not confused or mixed up with the previous year. So 2015 only contains relevant information to 2015. Send in a better analogy please.
Learning the bookkeeping skills for closing entries in class.
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