An Error Has Occurred in the Closing Entry Process If

question 16

Multiple Choice

An error has occurred in the closing entry process if

• A) revenue and expense accounts have zero balances.
• B) the owner's capital account is credited for the amount of net income.
• C) the owner's drawing account is closed to the owner's capital account.
• D) the balance sheet accounts have zero balances.

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Definitions:

Accidental Injury

Physical harm or damage to a person resulting from unexpected or unplanned actions or events.

Physical Dependence

A physiological state of adaptation to a specific substance, leading to withdrawal symptoms when that substance is reduced or stopped.

Hallucinations

Perceptions in the absence of external stimuli, such as seeing or hearing things that aren't there.

Stimulant

A substance that increases activity in the body or brain, often leading to enhanced alertness, energy, or physical performance.