Which of the Following Statements About Closing Entries Is Correct

question 20

Multiple Choice

Which of the following statements about closing entries is correct?

• A) The profit or loss summary account is used regularly when processing transactions for sales and expenses.
• B) Computerised accounting systems have eliminated the need to close off the income and expense accounts.
• C) Closing entries are made at the end of each accounting period whatever its length.
• D) Closing entries are only made at the end of the accounting year.

---

Definitions:

Female Jobs

Occupations or positions that have been traditionally or statistically predominated by women, often reflecting societal norms and gender stereotypes.

Valued Less

regarded or considered as having lesser importance, worth, or significance in comparison to something else.

Technical Jobs

Occupations that require specialized knowledge and skills in areas related to science, technology, engineering, and math (STEM).

Streams of Feminism

Various ideological perspectives within feminism that focus on different issues and goals, such as liberal feminism, radical feminism, and intersectional feminism.