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.

---

Definitions:

Well-supported Reasons

Arguments or justifications that are backed by solid evidence or logic.

Empirical Findings

Results and data obtained through observation and experimentation, forming the basis for knowledge and scientific conclusions.

Observation

The act of carefully watching and examining phenomena as they occur naturally without intervening or altering conditions.

Critical Thinkers

Individuals who actively and skillfully analyze, assess, and reconstruct their thinking, thereby enhancing the quality of their judgments and decisions.