Final answer:
The closing process in accounting zeroes out temporary accounts to prepare for a new period by summing up exports, imports, and balance to find the current account balance.
Step-by-step explanation:
The closing process in accounting is the method by which companies reset the balances of nominal (temporary) accounts to zero at the end of an accounting period. This is done to prepare for the next period's transactions. It involves summing up the columns for Exports, Imports, and Balance in the ledger. The final balance number represents the current account balance and indicates the financial performance of a business for that period. This process ensures that the income statement accounts reflect the revenues and expenses only for the current accounting period.