After All Closing Entries Are Made and Posted, the Balance

question 8

Multiple Choice

After all closing entries are made and posted, the balance in the owners' capital accountin the ledger will be equal to:

• A)Zero.
• B)The beginning balance in owners' capital in the statement of changes in equity.
• C)The balance of owners' capital on the post-closing trial balance.
• D)The balance of owners' capital on the pre-closing trial balance.
• E)Profit or loss for the year.

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Definitions:

Responsibility

The duty or obligation to act properly, carry out tasks, or bear consequences for actions.

Cooperation

The process of groups or individuals working together towards a common goal or interest, often involving shared responsibilities or resources.

Support Personnel

refers to staff members who provide administrative or technical support in various settings, including legal, medical, educational, and corporate environments.

Clerical

Pertaining to office or administrative work, often involving routine documentation and record keeping.