Which of the Following Statements Is True

question 28

Multiple Choice

Which of the following statements is true?

• A)Owner's capital must be closed each accounting period.
• B)A post-closing trial balance should include only permanent accounts.
• C)The work sheet can be substituted for preparing financial statements.
• D)By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts.
• E)Closing entries are only necessary if errors have been made.

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Definitions:

Software License

A legal agreement that allows an individual or organization to use a software program in accordance with the terms specified by the copyright owner.

Authorized Users

Individuals who have been given permission to access specific resources, data, or systems, typically within a network or application.

Geographic Locations

Specific places or areas identified by their geographical coordinates or names.

RAM

Random Access Memory, a form of computer memory that can be accessed randomly and is used for storing data temporarily while programs are running.