The Goal of Closing Entries Is

question 34

Multiple Choice

The goal of closing entries is

• A) to clear revenue and expense accounts.
• B) to update the Capital account balance.
• C) to clear the Withdrawal account.
• D) All of these answers are correct.

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Definitions:

Contract

A legally binding agreement between two or more parties, outlining obligations and conditions that are enforceable by law.

Duration

The duration that something persists or remains.

Group Therapy

A form of psychotherapy in which one or more therapists treat a small group of clients together, sharing experiences and supporting each other’s growth and coping strategies.

Relate

To establish or understand the connection or relationship between two or more things.