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:

Data Warehouse

A centralized repository for the storage, management, and analysis of large volumes of structured data from various sources within an organization.

KMS

Knowledge Management System, a technology system that stores, manages, and retrieves information and knowledge within an organization to improve understanding, collaboration, and process alignment.

Best Practices

are established methods or techniques proven over time to lead to superior results and are used as a benchmark.

KMS

Stands for Knowledge Management System, a system for managing knowledge in organizations, supporting the creation, collection, storage, dissemination, and utilization of knowledge and information.