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.

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Definitions:

Disclose

To reveal or make known information that was previously private or secret.

Delivery Driver

An individual responsible for transporting goods from one place to another, ensuring packages reach their destinations timely.

Independent Contractor

An individual or entity contracted to perform work for another entity as a non-employee, having control over how the work is completed.

Employee

An individual who works part-time or full-time under a contract of employment, typically earning a salary or wage.