Closing Entries Are Required

Multiple Choice

Closing entries are required:

A) If management has decided to cease operating the business.
B) Only if the company adheres to the accrual method of accounting.
C) If a company's bookkeeper does not choose to prepare reversing entries.
D) So that Revenue,expense,and dividends accounts must begin each period with zero balances.
E) In order to satisfy the Internal Revenue Service guidelines.