One of the Purposes of the Closing Entries Is to Bring

question 49

True/False

One of the purposes of the closing entries is to bring the balances in all asset,liability,revenue,and expense accounts down to zero to start the next accounting period.

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Definitions:

Consequence Words

Words that express or indicate the outcome, result, or effect of an action or decision.

Back-to-Back Headings

Adjacent headings in a document without intervening text, often discouraged in formal writing for clarity’s sake.

Types Of Paragraphs

Various forms of paragraphs based on purpose, such as descriptive, narrative, expository, and persuasive.

Readers' Expectations

The anticipations or beliefs about what will be encountered in a text, based on previous experiences and contextual clues.