Closing Entries Are Journalized and Posted ________

question 104

Multiple Choice

Closing entries are journalized and posted ________.

• A) throughout the accounting period
• B) before posting the adjusting entries
• C) after preparing the post-closing trial balance
• D) after preparing the financial statements

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Definitions:

An Accounting

The process or act of maintaining financial records, summarizing transactions, and analyzing financial data to understand the financial status of an individual or organization.

Specific Performance

A legal remedy requiring a party to fulfill the exact terms of a contract, typically used when monetary damages are insufficient.

Duty of Notification

An agent’s obligation to inform the principal of the agent’s actions on the principal’s behalf and of all relevant information.

Communicate Offers

The process through which an offeror makes their proposal known to the offeree, initiating the possibility of forming a contract.