Closing Entries Are Required

question 175

Multiple Choice

Closing entries are required:

• A)If management has decided to cease operating the business.
• B)Only if the company adheres to the accrual method of accounting.
• C)If a company's bookkeeper does not choose to prepare reversing entries.
• D)So that Revenue,expense,and dividends accounts must begin each period with zero balances.
• E)In order to satisfy the Internal Revenue Service guidelines.

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