Which of the Following Statements About the Closing Process Is

question 241

Multiple Choice

Which of the following statements about the closing process is correct?

• A)Closing entries are recorded at the end of each reporting period,which could be monthly,quarterly,or annually.
• B)After closing entries are posted,the balances of the income statement accounts will be zero.
• C)Closing entries are made to zero out the balances of the permanent accounts on the balance sheet.
• D)After closing entries are posted,the only temporary account with a balance is the Dividends account.

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Definitions:

General Adaptation Syndrome

A three-stage response model describing the body's short-term and long-term reactions to stress, composed of alarm, resistance, and exhaustion phases.

Physiological Exhaustion

A state of extreme physical or mental fatigue brought about by excessive strain or use.

Energy Reserves

Stored substances in the body, such as glycogen and fat, that can be utilized as fuel for biological processes when needed.

General Adaptation Syndrome

A sequence of three reactions (alarm, resistance, exhaustion) proposed by Hans Selye, which the body experiences during extended periods of stress.