When Closing Entries Are Made

question 74

Multiple Choice

When closing entries are made:

• A) All ledger accounts are closed to start the new accounting period.
• B) All temporary accounts are closed but not the permanent accounts.
• C) All real accounts are closed but not the nominal accounts.
• D) All permanent accounts are closed but not the nominal accounts.
• E) All balance sheet accounts are closed.

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Definitions:

SELL Sequence

A sales strategy that involves showcasing the product or service, explaining the benefits, leading into the advantages, and locking in the sale.

Feedback

Information given to a person or group about their actions or performance, used as a basis for improvement.

Trial Close

A sales technique wherein the salesperson asks the prospect a question that assumes the sale has been made, in order to gauge the buyer’s readiness to purchase.

Self-Preservation

The natural or instinctual drive to protect oneself from harm, maintain wellbeing, and secure personal interests.