The Closing Entry Process Consists of Closing

question 208

Multiple Choice

The closing entry process consists of closing

• A) all asset and liability accounts.
• B) out the retained earnings account.
• C) all permanent accounts.
• D) all temporary accounts.

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Definitions:

Financial Situation

An individual's or organization's condition regarding their monetary assets, liabilities, income, and expenses, which can influence their ability to secure loans, make investments, or manage daily operations.

Budget

A financial plan for a defined period, often a year, that allocates future personal income towards expenses, savings, and debt repayment.

Academic Advisor

A staff member at an educational institution who helps students plan their academic careers by offering advice on courses, programs, and other educational matters.

Government Legislation

Laws or statutes that have been passed and enacted by a governmental body such as a parliament or congress.