Closing Entries Are Made

question 24

Multiple Choice

Closing entries are made

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

Understand the function and usage of different file classes in Java.

Write Java code that interacts with files for reading and writing data.

Know the difference between textual and binary files and their handling.

Understand and apply best practices for using scanner and bufferedReader classes.

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Definitions:

Determinism

The philosophical doctrine that all events, including moral choices, are ultimately determined by causes external to the will.

Associationism

A theory in psychology that states mental processes operate by the association of one mental state with its successors.

Free Will

denotes the philosophical and psychological concept of individuals' capacity to choose or make decisions independently, free from external constraints or predetermined destinies.

Self-Actualization

The fruition or fulfillment of a person's gifts and capabilities, recognized as an inherent impulse or demand in each individual.