Which of the Following Statements Is True

question 234

Multiple Choice

Which of the following statements is true?

• A)Retained earnings must be closed each accounting period.
• B)A post-closing trial balance should include only permanent accounts.
• C)Information on the work sheet can be used in place of preparing financial statements.
• D)By using a work sheet to prepare adjusting entries,you need not post these entries to the ledger accounts
• E)Closing entries are only necessary if errors have been made.

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Definitions:

Negative Feedback

Constructive criticism or information about performance used to improve or correct actions.

Illusion Of Unanimity

The perception among members of a group that everyone agrees with a decision, while in reality, some members may be silent dissenters.

Groupthink

A psychological phenomenon that occurs within a group of people, where the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome.

Virtual Team

A group of individuals who work together from different geographical locations, connected by the Internet, email, and telephone.