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:

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The organization of the mind and how it processes, stores, and retrieves information.

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Schema

A cognitive framework or concept that helps organize and interpret information, based on one's experiences and knowledge.