Closing Entries Are Unnecessary If the Business Plans to Continue

question 90

True/False

Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year.

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Definitions:

Self-esteem

A reflection of one's overall subjective emotional evaluation of their own value or worth.

Set Point

A theory suggesting that the body maintains its weight and body fat level with internal regulatory controls, like a thermostat for body weight.

Incentive

Something that motivates or encourages an individual to do something or to achieve a goal.

Drive

An innate, biologically determined urge to attain a goal or satisfy a need.