Which of the Following Statements Is NOT True About Closing

question 53

Multiple Choice

Which of the following statements is NOT true about closing entries for a merchandising business?

• A) The closing entries for a merchandise business have a different closing order than a service business.
• B) Nominal Accounts are closed at the end of the fiscal period.
• C) Temporary-equity accounts are closed at the end of the fiscal period.
• D) None of the above are true.

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Definitions:

Report Layout View

A feature in database and reporting software that allows users to visually design and modify the layout of reports.

Blank Report Button

A feature in some software applications that enables users to create a new report from scratch with no predefined formatting.

Create Tab

In software applications, a function or area where users can initiate the creation of new elements, documents, or datasets within the application.

Form Design View

A mode in database and form building applications where users can create or modify the layout and structure of a form.