The Purpose of Closing Entries Is to Transfer

question 77

Multiple Choice

The purpose of closing entries is to transfer:

• A) Accounts receivable to retained earnings when an account is fully paid.
• B) Balances in temporary accounts to a permanent account.
• C) Inventory to cost of goods sold when merchandise is sold.
• D) Assets and liabilities when operations are discontinued.

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Definitions:

Yoplait

A global brand of yogurt produced by Yoplait, known for its wide range of flavoured dairy products.

Consumer Bias

The predispositions or subjective preferences that influence a consumer's purchasing behavior, often leading to irrational or suboptimal decision-making.

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Environmental Scanning

is a process that systematically surveys and interprets relevant data to identify external opportunities and threats that could influence future decisions and strategies.