Which One of the Following General Statements About Closing Entries

question 20

Multiple Choice

Which one of the following general statements about closing entries is false -

• A) only the asset and liability accounts may be closed
• B) Sage 50 closes the appropriate accounts automatically when you start a new fiscal period
• C) only the revenue and expense accounts may be closed
• D) net income is closed to the retained earnings capital account

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Definitions:

T-Values

Statistics used in T-tests that compare the means of two groups. They indicate how many standard deviations an observed sample mean is from the null hypothesis mean.

Z-Values

Standardized scores that indicate how many standard deviations an element is from the mean.

Sample Size

The number of observations or data points used in a statistical sample.

Degrees Of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution, often determining the shape of the distribution.