Journal Entries Recorded at the End of Each Accounting Period

question 234

Multiple Choice

Journal entries recorded at the end of each accounting period to prepare the revenue,expense,and dividends accounts for the upcoming period and to update the retained earnings account for the events of the period just finished are referred to as:

• A)Adjusting entries.
• B)Closing entries.
• C)Final entries.
• D)Work sheet entries.
• E)Updating entries.

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Definitions:

Indemnity Action

A legal action seeking compensation for damages or loss from another party as recompense for harm suffered.

Duty To Defend

The duty to defend entails a legal obligation, often found in insurance policies, where the insurer must provide legal defense to the insured party in case of a lawsuit that falls under the policy coverage.

Compensatory Damages

Monetary awards issued to a plaintiff to compensate for actual losses, injuries, or damages they have incurred.

Liability Case

A legal dispute or lawsuit in which the plaintiff seeks damages from the defendant due to injury or loss caused by the defendant’s actions or negligence.