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:

Availability of Resources

Availability of resources refers to the accessibility and abundance of necessary materials, finances, and other assets required by individuals or communities to function and thrive.

Immediate Gratification

The inclination towards seeking immediate satisfaction or gratification, preferring quick benefits instead of considering the long-term consequences.

Cultural Defined Rules

Norms, customs, and regulations created by societies to guide behavior, which are deeply ingrained in the cultural fabric of communities.

Rational Actors

Individuals or entities that make decisions based on logical calculations to maximize their benefits while minimizing costs.