Which accounts are closed at the end of the accounting perio

Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?

What will be an ideal response

ANSWER

The revenues, expenses, and the Dividends accounts are closed. The closing process gets these accounts ready for the next period and updates the Retained Earnings account balance for net income or loss during the period and any dividends paid to the stockholders and match the amount reported on the balance sheet.