The Closing Process Is a Step in the Accounting Cycle

question 120

True/False

The closing process is a step in the accounting cycle that prepares accounts for the next accounting period.

---

Definitions:

Unlawfully Withheld

Illegally retained or kept possession of something that should have been returned or released.

Wrongfully Rejected

The improper refusal of a contracting party to accept performance or delivery of contracted goods or services.

Resells

The act of selling something that one has previously bought to a third party.

Original Buyer

The first purchaser of a good or service, directly from the manufacturer or provider, before any subsequent resale.