Which of the Following Statements Is True

question 78

Multiple Choice

Which of the following statements is true?

• A)Owner's capital must be closed each accounting period.
• B)A post-closing trial balance should include only permanent accounts.
• C)Information on the work sheet can be used in place of preparing financial statements.
• D)By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts.
• E)Closing entries are only necessary if errors have been made.

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Definitions:

Adversarial Model

A model of dispute resolution, commonly found in legal contexts, where two or more parties with opposing interests present their argument before a neutral party, such as a judge or arbitrator.

TEAM Act

Legislation aimed at fostering collaboration between employers and employees by encouraging the establishment of team-oriented workplace environments.

Labor-Management Committees

Groups formed within organizations to facilitate cooperation and communication between employees and management on issues affecting the workplace.

Employer Dominated Unions

Labor organizations that are controlled or heavily influenced by employers, rather than being independent bodies representing the interests of the workers.