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Closing entries are needed at the end of the fiscal period to close all ledger accounts.
Q5: A compound journal entry usually affects three
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Q12: Accounts that are used to describe revenues,expenses,and
Q13: The economic effect of an expense is
Q21: A building is an example of an
Q38: The Purchases Journal is used for:<br>A) Recording
Q74: The MIS is a subsystem of the
Q99: A book of original entry is:<br>A) A
Q102: The bank statement and relevant portions of
Q171: A contra account is an account the