Closing Entries

question 44

Multiple Choice

Closing entries

• A) are prepared before the financial statements.
• B) reduce the number of permanent accounts.
• C) cause the revenue and expense accounts to have zero balances.
• D) summarize the activity in every account.

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Definitions:

Social services

A range of public services provided by governmental or private organizations aimed at helping people in need, such as housing support, food assistance, and healthcare.

Mass consumption

The widespread purchasing and use of goods and services by a large number of people, driving consumer culture and economic activities.

New sources of power

Emerging or alternative ways of generating energy beyond traditional fossil fuels, such as solar or wind power.

Minority groups

Communities or populations that are differentiated from the majority of a population based on nationality, race, religion, or some other factor.