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.

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Definitions:

Startle

A quick, involuntary reaction or movement in response to a sudden, unexpected stimulus.

Clapping Hands

The action of striking the palms together to produce sound, often used as a means of showing approval or keeping rhythm.

Localize

The process of identifying or confining something (such as a condition or sensation) to a specific area or part of the body.