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:

Cue-dependent Forgetting

A type of memory loss that occurs when the information is present but the cue needed to retrieve it is missing. It demonstrates how cues related to the context of learning can trigger recall.

Interference

The process by which the presence or action of one thing affects the behavior or attributes of another, often used in the context of waves or signals.

Long-term Memory

The phase or type of memory responsible for the storage of information over an extended period, ranging from days to decades.

Encoding Failure

The inability to store information into long-term memory, resulting in the loss of that information over time.