Closing Entries Are

question 108

Multiple Choice

Closing entries are

• A) an optional step in the accounting cycle.
• B) posted to the ledger accounts from the worksheet.
• C) made to close permanent or real accounts.
• D) journalized in the general journal.

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Definitions:

Internal Auditors

Professionals who conduct audits within an organization to evaluate its various operations and controls for efficiency and compliance.

Securities & Exchange Commission

A U.S. government agency responsible for enforcing federal securities laws, regulating the securities industry, and overseeing the nation's stock and options exchanges.

Generally Accepted Accounting Principles

The standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as GAAP.

Chief Financial Officer

A senior executive responsible for managing the financial actions of a company, including financial planning, management of financial risks, and financial reporting.