Closing Entries Are Necessary for

question 119

Multiple Choice

Closing entries are necessary for

• A) permanent accounts only.
• B) temporary accounts only.
• C) both permanent and temporary accounts.
• D) permanent or real accounts only.

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Definitions:

Neoclassical Economics

An economic theory that focuses on how consumers and producers make choices based on their preferences, constraints, and available resources, emphasizing the role of supply and demand in determining prices and allocation of resources.

Rational Self-Interest

The principle that individuals will make decisions that they perceive to be the most beneficial to themselves, taking into account all available information.

Sellers' Sense

An intuitive understanding or awareness among sellers about market conditions, consumer demand, and optimal pricing strategies.

Fairness

A person’s opinion as to whether a price, wage, or allocation is considered morally or ethically acceptable.