The Closing Process Is Necessary in Order To

question 104

Multiple Choice

The closing process is necessary in order to:

• A)Calculate net income or net loss for an accounting period.
• B)Ensure that all permanent accounts are closed to zero at the end of each accounting period.
• C)Ensure that the company complies with state laws.
• D)Ensure that net income or net loss and dividends for the period are closed into the retained earnings account.
• E)Ensure that management is aware of how well the company is operating.

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Definitions:

Gastrointestinal Tract

The series of hollow organs joined in a long, twisting tube from the mouth to the anus, including the stomach and intestines, that digest food and absorb nutrients and water.

Pancreatic Amylase

An enzyme produced by the pancreas that helps in the digestion of carbohydrates by breaking down starches into sugars.

Peristaltic Waves

Sequential muscle contractions that occur in the gastrointestinal tract to move contents through the digestive system.

Attachment Behaviors

Actions performed by infants and children to seek proximity to their caregivers, signaling a need for comfort and security.