After You Have Closed an Entity's Books,what Happens to the Account

question 3

Multiple Choice

After you have closed an entity's books,what happens to the account balances?

• A)all asset accounts will have zero balances
• B)none of the accounts will have zero balances
• C)all liability accounts will have zero balances
• D)the revenue and expense accounts will have zero balances

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Definitions:

Annually

Occurring once every year or relating to a period of one complete year.

Interest

The cost of borrowing money, represented as a percentage of the total amount loaned.

Scholarships

Financial support awarded to students based on a variety of criteria, such as academic achievement or financial need, to help cover education-related expenses.