Virtual closing of accounts: Virtual closing of accounts means the accounts that are closed instantaneously at any time during the accounting period. It helps to reduce the cost of closing of accounts at the end of the accounting period, and provides the accurate data for decision making at any time. To describe : The advantages of virtual closing of accounts.

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Chapter 4, Problem 27Q

To determine

Virtual closing of accounts:

Virtual closing of accounts means the accounts that are closed instantaneously at any time during the accounting period. It helps to reduce the cost of closing of accounts at the end of the accounting period, and provides the accurate data for decision making at any time.

To describe: The advantages of virtual closing of accounts.

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