Preparation of Closing Entries

question 34

Multiple Choice

Preparation of closing entries

• A)is an optional step in the accounting cycle.
• B)is the first step after posting to the general ledger.
• C)assist in achieving periodicity and accrual accounting.
• D)All of these choices.

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Definitions:

Wages

Compensation received by employees for their labor, typically expressed as an hourly, daily, or piecework rate, or as an annual salary.

Servers

Computers or computer programs that provide data, resources, or services to other computers, known as clients, over a network.

Marginal Revenue

The additional income generated from selling one more unit of a good or service.

Marginal Cost

The cost of producing one additional unit of a product or service.