Where Can Closing Entries Be Found

question 157

Multiple Choice

Where can closing entries be found?

• A) In a company's general journal
• B) On a company's statement of owner's equity
• C) On a company's worksheet
• D) On a company's balance sheet

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Definitions:

Stock Split

An action taken by a company to divide its existing shares into multiple shares to boost the liquidity of the shares, though the market value of the company does not change.

Market Price

The rate at which an asset or service is currently trading in the market.

Shares Outstanding

The total number of shares of a corporation's stock that are currently owned by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company’s officers and insiders.

Market Price

The market rate at which an asset or service can currently be sold or bought.