Which One of the Following General Statements About Closing Entries

question 32

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:

Supplier Strategic Alliances

Partnerships formed between companies and their suppliers to achieve strategic goals, enhance competitiveness, and secure supply chains.

Preferred Supplier-Customer Relationships

Business arrangements where mutual benefits are derived from long-term associations between suppliers and their key customers, often characterized by trust and cooperation.

Quality Supplies

Materials or goods of high standard or grade used in the production of products or in the provision of services.

Virtual Organization

A structure enabled by digital technologies that allows individuals or entities across different locations to collaborate and function as a single entity.