Which of the Following Statements Is True

question 234

Multiple Choice

Which of the following statements is true?

• A)Retained earnings must be closed each accounting period.
• B)A post-closing trial balance should include only permanent accounts.
• C)Information on the work sheet can be used in place of preparing financial statements.
• D)By using a work sheet to prepare adjusting entries,you need not post these entries to the ledger accounts
• E)Closing entries are only necessary if errors have been made.

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Definitions:

Monthly Bill

A statement that outlines charges incurred during a month for services or products, requiring payment.

Personal-Selling Process

A direct marketing approach that involves face-to-face interaction between a salesperson and potential customers to engage and convert them into buyers.

Suggestion Selling

A sales technique where the seller recommends additional products or services to the customer, potentially enhancing the customer's purchase experience and increasing sales.

Handling Objections

The process of addressing and overcoming objections or concerns raised by a potential client or customer.