Closing an Account Means

question 36

Multiple Choice

Closing an account means:

• A) transferring the balance to the trial balance.
• B) transferring the balance to the balance sheet.
• C) reducing the balance to zero.
• D) removing the account from the ledger.

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Definitions:

Binding Contract

An agreement between parties that is legally enforceable in a court of law.

Commitment

The state or quality of being dedicated to a cause, activity, or undertaking.

Standard Of Care

The degree of attentiveness, caution, and prudence that a reasonable person would reasonably be expected to do in similar circumstances.

Test

A method or procedure used to assess the presence, quality, or performance of something.