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:

Year-To-Year Temperatures

Relates to the comparison of temperatures over consecutive years, often used in the study of climate change and global warming trends.

Central Processing

A cognitive processing route that involves careful and thoughtful consideration of persuasive message content.

Peripheral Processing

A mode of information processing in persuasion that involves focusing on superficial cues rather than the central content of the message, often leading to temporary attitude change.

Need For Cognition

A tendency to engage in and enjoy effortful thinking, analysis, and mental problem solving.