When Recording Closing Entries in the General Journal,which of the Following

question 17

Multiple Choice

When recording closing entries in the general journal,which of the following is written in the Description column?

• A) "closing entries"
• B) a description of the transaction
• C) nothing
• D) "zero out accounts"

Calculate and analyze days' sales uncollected to evaluate a company's receivables management.

Determine the strength or weakness of a company's internal control environment.

Recognize the importance of a petty cash system and its management.

Understand the application and limitations of internal control systems.

---

Definitions:

Social Needs

The requirements essential for an individual's well-being and functioning in a society.

Temperament

An individual's innate disposition or personality traits, influencing their behavior and emotional reactions.

Physiological Needs

Basic physical requirements for human survival and health, such as air, water, food, shelter, and sleep.

Social Perceptiveness

The ability to accurately interpret and understand others' emotions, motives, and actions within a social context.