Under Which Circumstance Would One Less Closing Entry Than Usual

question 117

Multiple Choice

Under which circumstance would one less closing entry than usual be made?

• A)When a net loss has been suffered
• B)When withdrawals by the owner are equal to net income for the period
• C)When net income is zero
• D)When the owner's Capital account is zero prior to posting of closing entries

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Definitions:

Government Owns

A situation where assets, enterprises, or other resources are owned and controlled by the government rather than by private individuals or organizations.

Laissez Fair Capitalism

An economic system where private parties are free from government intervention in their economic decisions.