An Important Purpose of Closing Entries Is to

question 47

Multiple Choice

An important purpose of closing entries is to

• A)set nominal account balances to zero to begin the next period.
• B)adjust the accounts in the ledger.
• C)help in preparing financial statements.
• D)set real account balances to zero to begin the next period.

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Definitions:

Epicranius

A muscle of the scalp that raises the eyebrows and wrinkles the forehead horizontally.

Platysma

A superficial muscle in the neck that plays a role in facial expression.

Risorius

A muscle of facial expression, drawing the corner of the mouth laterally, thus creating expressions like grinning.

Lateral Pterygoid

A muscle of the jaw involved in opening the mouth and moving the jaw from side to side.