Closing Entries Are Made

question 77

Multiple Choice

Closing entries are made

• A) in order to terminate the business as an operating entity.
• B) so that all assets, liabilities, and equity accounts will have zero balances when the next accounting period starts.
• C) in order to transfer net income (or loss) and dividends to Retained Earnings.
• D) so that financial statements can be prepared.

---

Definitions:

Special Needs

Refers to individuals, especially children, who require extra health care, education services, or specialized equipment or accommodations due to physical, mental, emotional, or learning disabilities.

Educational Context

The environment or setting in which teaching and learning occur, including factors like curriculum, pedagogy, and school culture.

Developmental Stage

A phase in an individual's life characterized by specific milestones in physical, emotional, cognitive, and social development.

Middle Childhood

A developmental stage that covers the period from approximately 6 to 12 years of age, highlighting social, cognitive, and physical growth.