Under Which Circumstance Would One Less Closing Entry Than Usual

question 34

Multiple Choice

Under which circumstance would one less closing entry than usual be made?

• A) When the Retained Earnings account is zero prior to posting of closing entries
• B) When a net loss has been suffered
• C) When revenues have not yet been collected
• D) When net income is zero

Identify transactions that are considered noncash investing and financing activities and understand their disclosure.

Recognize examples of cash flows from operating activities.

Know the difference between direct and indirect methods for preparing the operating activities section of the statement of cash flows.

Understand how cash flows from financing activities are reported.

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Definitions:

Neuroticism

A personality trait characterized by sadness, moodiness, and emotional instability.

Reciprocal

Pertaining to a mutual relationship or action where two or more parties give and receive something in turn.

Big Five Traits

The Big Five Traits are a model describing five major dimensions of human personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Emotional Stability

a personality trait signifying a person's ability to remain calm and composed, especially in stressful situations.