Closing Entries

question 155

Multiple Choice

Closing entries

• A) need not be journalized if adjusting entries are prepared
• B) need not be posted if the financial statements are prepared from the work sheet
• C) are not needed if adjusting entries are prepared
• D) must be journalized and posted

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Definitions:

Untimely

Untimely refers to something occurring or being done at an inappropriate, inopportune, or irregular time, often resulting in adverse effects or inconveniences.

Negotiate

The process of discussing terms and conditions with the aim of reaching an agreement or compromise.

Perfect Tender Rule

A principle in commercial law that a seller's performance must exactly meet the contract specifications or the buyer can reject the goods.

Commercial Unit

A term used in the Uniform Commercial Code referring to a standard of measure, item, or a set of items that are treated as a single unit for the purposes of a transaction.