Closing Entries

question 7

Multiple Choice

Closing entries

• A)are prepared before the financial statements.
• B)reduce the number of permanent accounts.
• C)cause the revenue and expense accounts to have zero balances.
• D)summarize the activity in every account.

Differentiate between courts of law and courts of equity, and identify the types of remedies each can grant.

Describe the influence of public policy on legal decisions and the concept of governmental policy based on societal values.

Recognize the factors that frame a judge's decision-making process.

Understand the significance of cases of first impression and how they are handled within the legal system.

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Definitions:

Electricity

A form of energy resulting from the existence of charged particles, used as a power source.

Variable Component

Denotes a part of a cost or expense that varies directly with the level of activity or output.

Mixed Cost

A cost that contains both variable and fixed cost elements, changing with the level of production or sales but not in direct proportion.

Electrical Cost

The expense associated with the consumption of electrical energy or the cost related to electrical work in construction or maintenance.