Closing Entries Are Made

question 44

Multiple Choice

Closing entries are made

• A) in order to terminate the business as an operating entity.
• B) so that all assets, liabilities, and owner's capital accounts will have zero balances when the next accounting period starts.
• C) in order to transfer Profit (or loss) and owner's drawings to the owner's capital account.
• D) so that financial statements can be prepared.

Identify aspects of organizational culture and their manifestations.

Comprehend the concept of job satisfaction and its significance.

Understand the use and objectives of virtual teams.

Recognize the importance of gender diversity in enhancing team productivity.

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Definitions:

Water Solubility

The ability of a substance to dissolve in water, forming a homogeneous solution.

Metric System

A decimal system of measurement based on meters, liters, and grams as units of length, volume, and weight respectively.

Liter

A metric unit of volume equal to one cubic decimeter or 1000 cubic centimeters, commonly used to measure liquids.

Gram

A unit of mass equal to one thousandth of a kilogram, often used in science and nutrition to measure small quantities.