The Final Closing Entry to Be Journalized Is Typically the Entry

question 62

Multiple Choice

The final closing entry to be journalized is typically the entry that closes the

• A) revenue accounts.
• B) dividends account.
• C) retained earnings account.
• D) expense accounts.

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Definitions:

360-Day Year

A simplified accounting method where the year is considered to have 360 days for the calculation of interest and other financial metrics.

Two Years

A period of time equal to 24 months or 730 days, typically used as a measure for planning or agreements.

Exact Interest

Interest calculated based on a 365-day year, used to provide a precise interest computation.

360-Day Year

A financial calculation convention using a simplified year of 360 days to facilitate easier interest calculations.