The Primary Purpose of Closing Entries Is To

question 98

Multiple Choice

The primary purpose of closing entries is to:

• A)Prove the equality of the debit and credit entries in the general journal.
• B)Ensure that all assets and liabilities are recognized in the appropriate period.
• C)Update the balance of Retained Earnings and prepare revenue,expense,and dividend accounts for next period's transactions.
• D)Assure that adjusting entries balance.

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Definitions:

Ovarian Ligament

Bundle of fibers passing to the uterus from the ovary.

Primary Follicle

An early stage in the development of ovarian follicles, consisting of an oocyte surrounded by a single layer of granulosa cells.

Granulosa Cells

A type of cell surrounding the developing egg in the ovary and plays crucial roles in oocyte development, estrogen production, and follicle maturation.

Antrum

Cavity of an ovarian follicle filled with fluid containing estrogen.