As with Other Accounting Programs, QuickBooks Desktop Requires a Formal

question 2

True/False

As with other accounting programs, QuickBooks Desktop requires a formal closing to be performed at the end of each year.

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Definitions:

Credits

Accounting entries that increase liabilities or equity, or decrease assets.

Posting References

Indicators used in accounting to record the transfer of amounts from the journal to the ledger, facilitating the tracking of transactions through the accounting system.

Journal Entry

A record in accounting that documents a transaction in a company's ledger, thereby affecting at least two accounts to keep the accounting equation in balance.

Corning Company

A technology company known for its specialty glasses, ceramics, and related materials and technologies, including the development of Gorilla Glass.