Closing Entries

question 44

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:

Federal Oversight

The supervision and regulation of activities by a federal authority to ensure compliance with laws and standards.

Tuskegee Syphilis Study

An unethical clinical study conducted by the U.S. Public Health Service, where African American men with syphilis were deliberately left untreated to study the disease's progression.

Forty Years

A period of four decades, often used to denote a significant amount of time in discussions of human life, historical events, or long-term changes.

Kidney Dialysis

A medical treatment that replicates the function of the kidneys by removing waste products and excess fluid from the blood when the kidneys are no longer able to perform these tasks effectively.