Why do sonic accountants prepare an end-of-period 9. What spreadsheet? Describe the nature of the assets that compose the following sections of a balance sheet: (a) current assets, (b) property, plant, and equipment. What is the difference between a current liability and a long-term liability? What types of accounts are referred to as temporary accounts? Why are closing entries required at the end of an accounting period? What is the difference between adjusting entries and closing entries? What is the purpose of the post-closing trial balance? (a) What is the most important output of the accounting cycle? (b) Do all companies have an accounting cycle? Explain.