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:

Secured

Protected against threat or harm, or in financial terms, backed by collateral.

Venture Capitalist

An investor who provides capital to start-up companies or supports small companies that wish to expand but do not have access to equities markets.

Finance Manager

A professional responsible for managing the financial health of an organization, including planning, organizing, controlling, and monitoring financial resources.

Borrower

An individual or organization that takes something, especially money, from another with the intention of returning it or its equivalent.