Which of the Following Statements Is True

question 62

Multiple Choice

Which of the following statements is true?

• A)Retained earnings must be closed each accounting period.
• B)A post-closing trial balance should include only permanent accounts.
• C)The work sheet can be substituted for preparing financial statements.
• D)By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts.
• E)Closing entries are only necessary if errors have been made.

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Definitions:

Manager

A professional responsible for planning, directing, and overseeing the operations and employees within a section of an organization.

Management Development

A systematic process of training and growth designed to enhance the skills and competencies of managers in an organization.

Leadership Skills

encompass the abilities and competencies that enable an individual to inspire, influence, and guide others.

Management Orientation/Socialisation

The process by which individuals learn about and adapt to an organization's culture, values, policies, and expectations to effectively integrate into their professional roles.