After All Closing Entries Are Made and Posted, the Balance

question 96

Multiple Choice

After all closing entries are made and posted, the balance in the owners' capital account in the ledger will be equal to

• A) Profit or loss for the year
• B) The balance of owners' capital on the post-closing trial balance
• C) Zero
• D) The beginning balance in owners' capital in the statement of changes in equity
• E) The balance of owners' capital on the pre-closing trial balance

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Definitions:

Positive Reinforcements

The introduction of rewarding stimuli following a desired behavior to increase the likelihood of it being repeated.

Punishment

A consequence designed to reduce the occurrence of unwanted behavior by either applying a negative stimulus or removing a positive one.

Oral Reprimand

is a verbal expression of criticism or disapproval, usually from a person in authority.

Organizations

Entities comprising multiple people, such as businesses or charities, that work towards a common goal through structured coordination.