Which of the Following Is Not a Correct Closing Entry $\quad$

question 61

Multiple Choice

Which of the following is not a correct closing entry? A. Retained earnings
$\quad$ Revenues
$\quad$ Expenses
B. Revenues
$\quad$ Gain on sale of land
$\quad$ Expenses
$\quad$ Retained earnings
C. Revenues
$\quad$ Loss on sale of Building
$\quad$ Expenses
$\quad$ Retained earnings
D. Loss on sale of land
$\quad$ Expenses
$\quad$ Revenues
$\quad$ Retained earnings

• A) Option A
• B) Option B
• C)Option C
• D)Option D

---

Definitions:

Stock Variable

A quantity measured at one specific time, representing a certain amount accumulated up to that time.

Money Supply

The total amount of monetary assets available in an economy at a specific time.

Price Level

A composite measure reflecting the prices of all goods and services in the economy relative to prices in a base year.

Consumer Spending

The total expenditure by households on goods and services within a certain period of time, a primary engine of economic activity.