Closing Entries Are Made

question 183

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 net income (or loss) and owner's drawings to the owner's capital account.
• D) so that financial statements can be prepared.

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Definitions:

Physical Attractiveness

The degree to which a person's physical traits are considered aesthetically pleasing or beautiful, often influencing social perception.

Matching Hypothesis

The theory that individuals are more likely to form and maintain relationships with others who are similar in physical attractiveness.

Paradox

A statement or proposition that, despite sound reasoning from acceptable premises, leads to a conclusion that seems logically unacceptable or self-contradictory.

Passionate Love

An intense emotional and physical attraction to someone, often characterized by a strong desire and longing for the person.