👉 Reopenings are a type of financial statement that is used to show changes in assets, liabilities, and equity over time. It is particularly useful for accounting purposes when dealing with transactions where there may be significant changes in the underlying balance sheet or the cash flow. Reopenings can also be used for reporting purposes when comparing different periods, such as a year-end reconciliation of financial statements.
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What is the definition of Reopening? 🙋
👉 Reopening refers to the process of re-opening a business or institution after it has been closed due to an emergency. It involves the restoration of normal operations and activities, typically within a specified timeframe, such as a week or two. In essence, reopening allows for the return of employees, customers, and services that were previously unavailable or disrupted by the pandemic. This can involve various steps, including cleaning, sanitizing, and re-opening doors to ensure safety protocols are in place. Reopening is often
