QuickBooks Automatically Closes ________________ Accounts to Start Each New Year

question 18

Multiple Choice

QuickBooks automatically closes ________________ accounts to start each new year with a $0 balance in all _______________ accounts:

• A)temporary;permanent
• B)temporary;temporary
• C)permanent;permanent
• D)permanent;temporary

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Definitions:

Esterification

A chemical reaction that forms an ester through the reaction of a carboxylic acid and an alcohol.

Hydrolysis

A chemical reaction where water breaks down another compound, often resulting in the formation of two or more new compounds.

Spermaceti

A waxy substance found in the head cavity of the sperm whale, historically used in candles and ointments.

Potassium Hydroxide

A strong inorganic base with the formula KOH, used in various applications including as a cleaning agent, in the manufacture of biodiesel, and in the synthesis of other chemicals.