Closing Entries

question 67

Multiple Choice

Closing entries

• A) need not be journalized if adjusting entries are prepared
• B) need not be posted if the financial statements are prepared from the end-of-period spreadsheet
• C) are not needed if adjusting entries are prepared
• D) must be journalized and posted

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Definitions:

Social

Relating to society or its organization; involving the collective aspects of people and their interactions.

Trend Adoption

The process by which individuals or groups start to use or mimic a new or popular behavior, style, or technology.

Psychographics

The study of personality, values, opinions, attitudes, interests, and lifestyles to analyze consumer behavior.

Consumer Lifestyles

The habits, attitudes, tastes, moral standards, economic levels, and the amount of consumption by an individual or group.