Which Statement Relating to Closing Entries Is Incorrect

question 56

Multiple Choice

Which statement relating to closing entries is incorrect?

• A) Closing entries are made each time interim financial reports are prepared.
• B) Closing entries are only made once a year.
• C) The need for closing entries arises from the accounting period assumption.
• D) The closing process is simple with a computerised accounting system.

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Definitions:

HR Gap

The difference between the current capabilities of the workforce and the skills required to achieve organizational goals.

Human Capital

The collection of skills, knowledge, and experience possessed by an individual or workforce, viewed in terms of their value or cost to an organization.

Forecasted

Refers to the estimated or predicted outcomes in the future based on current and historical data.

HR Forecasting

The process of estimating the future human resources requirements of an organization, based on its business goals, projected retirements, turnovers, and market factors.