Closing Entries

question 57

Multiple Choice

Closing entries:

• A)Close all of the general ledger accounts
• B)End the fiscal period
• C)Close all of the subsidiary ledger accounts
• D)Are journalized in the subsidiary ledgers

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Definitions:

Optimal Area

The most advantageous or efficient region or point for a specific activity or condition.

Public Good

A non-excludable and non-rivalrous good that can be consumed by everyone, such as national defense or public parks.

Nonexclusive

A term usually related to goods or services, indicating that they cannot be withheld from individuals who don't pay for them.

Marginal Social Cost

The total cost to society, including both private and external costs, of producing one additional unit of a good or service.