Closing Entries Should Be Made

question 104

Multiple Choice

Closing entries should be made:

• A)Every year.
• B)Only when an entity goes out of business.
• C)Only if there is a profit.
• D)Only if there is a loss.

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Definitions:

Conformity

The act of aligning one's beliefs, attitudes, and behaviors with those of a group or societal norms.

Lowball Technique

A persuasion strategy by which an offer is initially made attractive, but less favorable terms are introduced after commitment is obtained.

Centralised Communication

A form of communication in which all decisions and discussions flow through a central point or leader, common in hierarchical organizations.

Group Pressure

The influence exerted by a group on its members to conform to the group's norms and expectations, often affecting behavior and decision-making.