Closing Entries

question 67

Multiple Choice

Closing entries

• A) need not be journalized if adjusting entries are prepared
• B) need not be posted if the financial statements are prepared from the end-of-period spreadsheet
• C) are not needed if adjusting entries are prepared
• D) must be journalized and posted

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Definitions:

Limitations

Restrictions or constraints that limit what can be done or achieved.

Fear of Death

An anxiety or dread related to the awareness of mortality and the inevitability of death.

Married Couples

Two individuals joined in a legal or socially recognized marriage, sharing rights, responsibilities, and often a household.

Persons Living Alone

Individuals who reside in their living spaces without cohabitation with family, friends, or roommates.