Closing Entries

question 33

Multiple Choice

Closing entries

• A) need not be journalized since they appear on the worksheet.
• B) need not be posted if the financial statements are prepared from the worksheet.
• C) are not needed if adjusting entries are prepared.
• D) must be journalized and posted.

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Definitions:

Results Evaluations

The process of measuring outcomes or outputs of work tasks or projects to assess effectiveness and efficiency.

External Factors

Elements outside of an organization that can impact its operation, such as economic conditions, legal regulations, and social trends.

Evaluation Method

Specific procedures and strategies used to systematically assess the effectiveness, value, or performance of an object, person, or process.

BARS

Behaviorally Anchored Rating Scales, a method used in performance management that focuses on specific behaviors that illustrate various levels of performance.