When Closing Entries Are Made

question 155

Multiple Choice

When closing entries are made:

• A) All permanent accounts are closed but nominal accounts are not closed.
• B) All balance sheet accounts are closed.
• C) All real accounts are closed but nominal accounts are not closed.
• D) All temporary accounts are closed but permanent accounts are not closed.
• E) All ledger accounts are closed to start the new accounting period.

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Definitions:

Gibson

A surname potentially referencing James Gibson, a psychologist known for his work on the ecological approach to visual perception.

Ambiguous Prophecies

Predictions or statements that lack clarity and can be interpreted in multiple ways, often leading to confusion or diverse interpretations.

Psychics

Individuals who claim to have abilities beyond natural or scientific understanding, often including the ability to predict future events or communicate with the deceased.

Telepathy

The purported transmission of information from one person to another without using any of our known sensory channels or physical interaction.