Closing Entries Are Found in the Adjustment Columns of the Worksheet

question 114

True/False

Closing entries are found in the adjustment columns of the worksheet.

---

Definitions:

IRS

Internal Revenue Service, the federal agency responsible for administering and enforcing tax laws in the United States.

Form 1040 Schedule C

A tax form used in the United States for reporting income or loss from a business operated as a sole proprietorship.

Company's Accounts

The various financial records and statements that reflect a company's economic transactions, assets, liabilities, and equity.

Tax Return

A form(s) filed with a governmental body reporting income, expenses, and other pertinent tax information, used to calculate tax liability.