Closing Entries

question 95

Multiple Choice

Closing entries

• A)are prepared before the financial statements.
• B)reduce the number of permanent accounts.
• C)cause the revenue and expense accounts to have zero balances.
• D)summarize the activity in every account.

---

Definitions:

Timed Contact

A control or switch mechanism that is activated or deactivated for a specific and predetermined period.

Time Delay

A deliberate pause introduced in the operation of an electronic circuit or a program, used to ensure proper sequencing or timing of operations.

Pilot Light

An indicator light commonly used on control panels and machinery to signal the operational status or alert users to specific conditions.