The Purpose of Closing Entries Is to Transfer

question 12

Multiple Choice

The purpose of closing entries is to transfer:

• A)Accounts Receivable to Retained Earnings when an account is fully paid.
• B)Balances in temporary accounts to a permanent account.
• C)Inventory to Cost of Goods Sold when merchandise is sold.
• D)Assets and liabilities when operations are discontinued.

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Definitions:

Desire for Connection

The fundamental human inclination towards establishing meaningful relationships and feeling a sense of belonging with others.

Desire for Distance

The desire for distance describes an individual's inclination to seek space or separation from others or certain situations, driven by various psychological or situational factors.

Secure Attachment Style

A pattern of bonding where individuals are comfortable with intimacy and independence, showing trust in relationships.

Anxiety

A sensation of apprehension, tension, or discomfort, often related to an upcoming occurrence or a situation whose result is not yet determined.