The Purpose of Closing Entries Is to

question 40

Multiple Choice

The purpose of closing entries is to

• A)update a periodic inventory account for credit sales
• B)update the retained earnings account on a daily basis
• C)apportion prepaid expenses and unearned revenues to bring the accounts up to date
• D)reduce all temporary accounts to zero

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Definitions:

Content Validity

The extent to which a test measures all aspects of the content it's intended to cover.

Kuder-Richardson Reliability

A measure of the consistency of test scores across items within a test, commonly used to assess the reliability of dichotomously scored tests.

Content Validity

The extent to which a test measures all facets of the concept it intends to assess.

Construct Validity

The extent to which a test or instrument measures the theoretical construct or concept it is intended to measure.