Which of the Following Describes the Purpose(s)of Closing Entries

question 86

Multiple Choice

Which of the following describes the purpose(s) of closing entries?

• A)Adjust the balances of asset and liability accounts for unrecorded activity during the period.
• B)Transfer the balances of temporary accounts to common stock.
• C)Reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period.

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Definitions:

Attitudes

Predispositions or tendencies to respond positively or negatively towards a certain idea, object, person, or situation.

Behavioral Intentions

Behavioral intentions are an individual's plans or inclinations to perform a particular action or behave in a certain way in the future.

Beliefs

Deeply held convictions or acceptances that something is true or exists, often forming the basis of attitudes and behaviors.

Feelings

Emotional states or reactions that are subjective and can influence an individual's mood and behavior.