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:

Final Manifestations

The last or ultimate display of characteristics or symptoms of a condition or the culmination of a process.

ADHD

Attention Deficit Hyperactivity Disorder, a neurodevelopmental disorder characterized by inattention, hyperactivity, and impulsivity, affecting both children and adults.

Third-grade Level

A reference to the academic and developmental stage typically associated with students in the third grade, often around 8-9 years old.

SES

Socioeconomic status reflects the economic and social ranking of a person or family compared to others, which is determined by their income, level of education, and job.