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:

Par-Value Stock

Shares of a company that have a minimum fixed face value; the value is set at the time the shares are issued.

Stock Certificate

A physical document that represents ownership of a certain number of shares in a corporation.

No-Par Value

Refers to stocks issued without a specified face value, where the value is determined by the market.

In-Kind

Refers to goods, services, or transactions made in the form of physical goods or commodities rather than money.