Closing Entries Are Made

question 31

Multiple Choice

Closing entries are made

• A)in order to terminate the business as an operating entity.
• B)so that all assets, liabilities, and stockholders' equity accounts will have zero balances when the next accounting period starts.
• C)in order to transfer net income (or loss) and dividends to the Retained Earnings account.
• D)so that financial statements can be prepared.

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Definitions:

Hemophilia

A genetic disorder that impairs the body's ability to make blood clots, leading to excessive bleeding from even minor injuries.

Clotting Disorder

A condition that affects the blood's ability to form clots, leading to excessive bleeding or clotting issues.

Blood Pressure

The pressure exerted by circulating blood upon the walls of blood vessels, often measured for diagnosis since it is related to the force and rate of the heartbeat and the diameter and elasticity of the arterial walls.