Closing Entries

question 1

Multiple Choice

Closing entries

• A) cause the revenue and expense accounts to have zero balances.
• B) reduce the number of permanent accounts.
• C) are prepared before the financial statements.
• D) summarize the activity in every account.

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Definitions:

African American

An ethnic group in the United States with ancestors who were predominantly from sub-Saharan Africa, known for their rich cultural heritage and history.

Matriarchal

A social system in which women hold primary power, making major decisions and being at the center of authority within families, communities, or entire societies.

Cultural Pluralism

The existence of multiple distinct cultures in a society, each retaining their cultural identity while coexisting with others.

Original Culture

The inherent customs, social conduct, and norms that form the foundational aspects of a society or community as they were initially established.