A Common Risk Relating to Closing Entries Is That _______

question 82

Multiple Choice

A common risk relating to closing entries is that _______.

• A)permanent accounts are often closed by mistake
• B)temporary accounts are often closed by mistake
• C)management may override controls relating to adjusting and closing entries
• D)temporary accounts, if closed, will carry a balance over to the subsequent accounting period

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Definitions:

Business

An organization or enterprising entity engaged in commercial, industrial, or professional activities.

Vertical Line

A straight line that goes from up to down (or down to up) and does not slant; in Cartesian coordinates, it is described by an equation of the form \(x = a\).

Slope-intercept Form

An equation of a straight line in the form y = mx + b, where m is the slope and b is the y-intercept.

Slope-intercept Form

A way of writing the equation of a straight line in the form y = mx + b, where m is the slope and b is the y-intercept.