It Is Not Necessary to Post the Closing Entries to the General

question 119

True/False

It is not necessary to post the closing entries to the general ledger.

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Definitions:

Redistribution

A mode of exchange in which goods flow into a central place, where they are sorted, counted, and reallocated.

No Money

A condition or concept where monetary exchange is absent, and goods or services are often traded directly or provided without a need for currency.

Direct Exchange

A transaction where goods or services are traded directly between two parties without the use of money or an intermediary.

Trade Good

A commodity that is produced or manufactured for sale.