Income Statement Accounts Are Closed at What Stage of the Accounting

question 30

Multiple Choice

Income statement accounts are closed at what stage of the accounting process?

• A)At the time that adjustments are made.
• B)After adjustments are made and before the income statement is prepared.
• C)After the income statement and the statement of retained earnings are prepared,but before the balance sheet is prepared.
• D)As the last journal entries at the end of each accounting year.

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Definitions:

Existential Instantiation

A logical operation that infers the existence of at least one individual satisfying a particular property from a general statement.

Universal Instantiation

A logical rule of inference that allows one to deduce a particular instance from a universal statement, essentially moving from a general statement to a specific example.

Existential Generalization

A logical inference rule stating that if something is true for some member of a domain, then it is true that there exists something in that domain for which the proposition holds.

Quantifier Negation

The process of changing the quantifier in a statement, such as from "all" to "not all," to negate its original meaning.