Closing Entries

question 119

Multiple Choice

Closing entries:

• A) are posted to the general ledger.
• B) are done to update Cash.
• C) can be done before adjusting entries.
• D) are done to update the balance sheet.

---

Definitions:

Total Revenue

Total revenue is the total amount of money earned by a firm from the sale of its goods and services before any costs are subtracted.

Demand Schedule

A table that lists the quantities of a good a consumer is willing to purchase at different price levels during a specific time period.

Total Revenues

The total amount of money generated from sales of products or services before any expenses are subtracted.

Price

The amount of money or its equivalent required to purchase a good, service, or asset, acting as a reflection of its value.