Which of the Following Statements Is True

question 62

Multiple Choice

Which of the following statements is true?

• A)Retained earnings must be closed each accounting period.
• B)A post-closing trial balance should include only permanent accounts.
• C)The work sheet can be substituted for preparing financial statements.
• D)By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts.
• E)Closing entries are only necessary if errors have been made.

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Definitions:

Buss and Plomin

Researchers known for their work in the field of temperament, proposing that temperament is influenced by genetics and plays a role in personality development.

Vicarious Reinforcement

A learning process that occurs through observing someone else being rewarded for a behavior, which increases the likelihood of the observer repeating the behavior.

Optimistic

Having a positive, hopeful perspective on the future or the outcome of specific endeavors.

Constructs

Abstract ideas or concepts not directly observable but used to understand and explain aspects of the world.