Closing Entries Should Be Made

question 104

Multiple Choice

Closing entries should be made:

• A)Every year.
• B)Only when an entity goes out of business.
• C)Only if there is a profit.
• D)Only if there is a loss.

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Definitions:

Products

Goods that are manufactured or refined for sale.

Human Rights

Fundamental rights and freedoms entitled to all humans irrespective of nationality, sex, ethnicity, religion, or language.

Suffrage Rights

The right to vote in public, political elections, often considered a fundamental indicator of a democratic society.

Property Rights

Legal rights associated with the ownership of property, including the right to use, rent, sell, or transfer the property.