Closing Entries

question 155

Multiple Choice

Closing entries

• A) need not be journalized if adjusting entries are prepared
• B) need not be posted if the financial statements are prepared from the work sheet
• C) are not needed if adjusting entries are prepared
• D) must be journalized and posted

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Definitions:

Ingroup Bias

The inclination to show preference and loyalty to those within one's own group rather than to individuals from different groups.

Other-race Effect

The tendency to more easily recognize faces of the race that one is most familiar with (often one’s own race) than those of other races.

Ingroup Bias

The tendency to favor members of one's own group over those from external groups.

Social Identities

The part of an individual's self-concept derived from their perceived membership in social groups.