Closing Entries Are Entered Directly on to the Work Sheet

question 139

True/False

Closing entries are entered directly on to the work sheet.

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Definitions:

Total Amount

The complete sum or quantity calculated by adding together all the individual components or values.

Revenues

The total amount of income generated by the sale of goods or services related to a company's primary operations.

Reportable Segment

A part of an organization that engages in business activities from which it may earn revenues and incur expenses, and whose operating results are regularly reviewed by the organization's chief operating decision maker.

Operating Segment

A component of a business that engages in business activities from which it may earn revenues and incur expenses, including segments with related products, services, or geographic areas.