Closing Entries

question 20

Multiple Choice

Closing entries:

• A) need not be journalized since they appear on the worksheet.
• B) are prepared before adjusting entries.
• C) are not needed if adjusting entries are prepared.
• D) must be journalized and posted.

Assess the financial outcomes of adding or dropping a product line based on relevant and irrelevant costs.

Understand the concept of differential cost and how it applies to business decisions.

Analyze the financial advantage (disadvantage) of discontinuing a product, service, or segment.

Understand the concept of outsourcing and make-or-buy decisions.

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Definitions:

HIV/AIDS

Human Immunodeficiency Virus/Acquired Immunodeficiency Syndrome, a spectrum of conditions caused by infection with the HIV virus, affecting the immune system.

Shaking a Baby

A harmful action involving forcefully shaking an infant, which can lead to severe brain injury or death.

Single Mother

A woman who is raising her child or children without the presence or support of the other parent in the household.

Crying

A natural emotional response involving tears as a reaction to feelings such as sadness, joy, frustration, or pain.