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:

Ethnomethodologists

Researchers who study how people use everyday interactions and routines to construct a sense of social order and understand their world.

Sociologists

Social scientists who study the development, structure, and functioning of human society.

Everyday Life

The routine and ordinary aspects of day-to-day living experienced by individuals across various contexts.

Ethnomethodological Analysis

The study and examination of the routine methods and practices that individuals use to navigate and make sense of social interactions.