An Error Has Occurred in the Closing Entry Process If

question 15

Multiple Choice

An error has occurred in the closing entry process if

• A) the revenue and expense accounts have zero balances.
• B) the owner's capital account is credited for the amount of profit.
• C) the owner's drawings account is closed to the owner's capital account.
• D) the balance sheet accounts have zero balances.

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Definitions:

Business Plans

Detailed documents outlining the objectives, strategies, financial forecasts, and market analysis of a business.

Business Plan

A formal document that outlines a company's goals, strategies, target market, and financial forecasts.

Overall Appearance

The collective physical presentation or look of a person, item, or place, based on all observable characteristics.

Marketing Objectives

Defined as specific goals set by a business when promoting its products or services to potential consumers that should be achieved within a given timeframe.