Closing Entries Are

question 108

Multiple Choice

Closing entries are

• A) an optional step in the accounting cycle.
• B) posted to the ledger accounts from the worksheet.
• C) made to close permanent or real accounts.
• D) journalized in the general journal.

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Definitions:

Fleet National Bank

A former financial institution in the United States that was merged into Bank of America in 2004.

Forgery

The illegal act of creating, altering, or imitating objects, documents, or signatures with the intent to deceive or defraud.

Improper Presentment

Refers to the incorrect or invalid presentation of a document or piece of evidence in a legal proceeding.

On Time

The state of completing or arriving at a specified action or event at the scheduled or expected time.