Closing Entries

question 57

Multiple Choice

Closing entries:

• A)Close all of the general ledger accounts
• B)End the fiscal period
• C)Close all of the subsidiary ledger accounts
• D)Are journalized in the subsidiary ledgers

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Definitions:

Interstate Commerce

Commerce conducted between two or more states in the United States, regulated by federal law to ensure free and fair trade.

Intrastate Commerce

Commercial transactions or transportation occurring within the borders of a single state, not involving or crossing state lines.

Commerce Clause

A provision in the United States Constitution that grants Congress the power to regulate trade between states, foreign nations, and Indian tribes, forming the basis for much federal legislation on economic regulation.

Federal Supremacy

The principle that federal law takes precedence over state laws and constitutions when they are in conflict, based on the Supremacy Clause of the U.S. Constitution.