The Goal of Closing Entries Is

question 34

Multiple Choice

The goal of closing entries is

• A) to clear revenue and expense accounts.
• B) to update the Capital account balance.
• C) to clear the Withdrawal account.
• D) All of these answers are correct.

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Definitions:

Facilitation Payments

Small payments made to expedite or facilitate routine government actions, often seen in a gray area between legitimate fees and bribery.

Obtain

To acquire or get possession of something through a purchase, effort, or request.

Retain

To keep or continue holding, possessing, or maintaining something or someone.

Ethical Issue

A situation or problem that requires an individual or organization to choose between alternatives that must be evaluated as right (ethical) or wrong (unethical).