Which of the Following Statements Is

question 73

Multiple Choice

Which of the following statements is ?

• A) Owner's capital must be closed each accounting period.
• B) A post-closing trial balance should include only permanent accounts.
• C) Information on the work sheet can be used in place of preparing financial statements.
• D) By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts.
• E) Closing entries are only necessary if errors have been made.

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Definitions:

Electoral College

A body of electors established by the United States Constitution, tasked with electing the president and vice president of the country.

Disconfirming Instances

Instances or examples that challenge or falsify a hypothesis or theory.

Confirmation Bias

The inclination to seek out, understand, prefer, and remember information in a manner that corroborates an individual's existing beliefs or theories.

Generalization

A principle, statement, or idea having general application.