The Closing Entry Process Consists of Closing

question 59

Multiple Choice

The closing entry process consists of closing:

• A)all asset and liability accounts.
• B)out the Retained Earnings account.
• C)all permanent accounts.
• D)all temporary accounts.

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Definitions:

Ethical Climate

The collective perception of what is ethically right or wrong in an organization and how ethical issues are addressed.

Enhanced Outcomes

Results or consequences that exceed the original expectations or objectives, often through improved efficiency, effectiveness, or quality.