Closing the Temporary Accounts at the End of Each Accounting

question 88

Multiple Choice

Closing the temporary accounts at the end of each accounting period

• A) Serves to transfer the effects of these accounts to the proper equity account on the balance sheet
• B) Prepares the withdrawals account for use in the next period
• C) Gives the revenue and expense accounts zero balances
• D) Gives the withdrawals account a zero balance
• E) All of these

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Definitions:

Canned Sales Presentation

A pre-prepared sales pitch or presentation that is designed to be used for multiple customers without significant modification.

Personal Selling Process

A direct marketing approach that involves face-to-face interaction to sell a product or service.

Prospect

A potential customer or client who might be interested in a company's product or service.

Suggestive Selling

A sales technique where the salesperson suggests additional products or services to the customer, based on their initial purchase or interest.