Closing Entries Are Made

question 120

Multiple Choice

Closing entries are made

• A) in order to terminate the business as an operating entity.
• B) so that all assets, liabilities, and owner's capital accounts will have zero balances when the next accounting period starts.
• C) in order to transfer net income (or loss) and owner's drawing to the owner's capital account.
• D) so that financial statements can be prepared.

Recognize the importance of validation rules and messages to ensure data integrity.

Learn to create and utilize lookup fields in database tables for efficient data entry and validation.

Comprehend the use of multivalued fields to enable selection of multiple options from a predefined list.

Identify the steps to transform lookup fields to regular fields for data manipulation.

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Definitions:

Social Security System

A government program designed to provide financial support to people in retirement, disability, or to survivors, funded through payroll taxes.

Unemployment Benefits

Payments made by the government or a private entity to individuals who are unable to find employment.

SNAP Benefits

Financial assistance provided through the Supplemental Nutrition Assistance Program to eligible low-income individuals and families for purchasing food.

Comprehensive Income

The total change in equity for a business enterprise during a period from transactions and other events from non-owner sources.