Select the Statement That Best Describes the Primary Purpose of Closing

question 126

Multiple Choice

Select the statement that best describes the primary purpose of closing entries.

• A)To facilitate adjusting entries.
• B)To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
• C)To complete the recording of various transactions which are begun in one period and concluded in a later period.
• D)To determine the amount of profit or loss for the period.

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Definitions:

Liver

A vital organ present in vertebrates and some other animals, performing a wide range of functions including detoxification, protein synthesis, and the production of biochemicals necessary for digestion.

Excavates

A diverse group of single-celled organisms, including both free-living species and parasites, characterized by their unique cell structure and mode of mobility.

Modified Mitochondria

Mitochondria that have undergone changes to fulfill specific roles different from their typical function in cellular respiration.

ATP

ATP, or adenosine triphosphate, is a compound that transports energy throughout cells to fuel metabolic activities.