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:

Collective Behavior

Actions or behaviors exhibited by groups of people who may be temporary and diverse, out of societal norms under the influence of certain stimuli.

Social Rewards

Benefits or reinforcements provided by society for actions considered beneficial or conforming to norms.

Widely Valued Goods

Goods or services that hold significant value and appeal across a broad spectrum of society or market.

Prestige

The level of respect, admiration, or importance given to an individual, group, or institution based on perceived successes or qualities.