Multiple Choice
An error has occurred in the closing entry process if
A) revenue and expense accounts have zero balances.
B) the retained earnings account is credited for the amount of net income.
C) the dividends account is closed to the retained earnings account.
D) the Statement of financial position accounts have zero balances.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: Long-term investments would appear in the property,
Q19: The adjusted trial balance columns of a
Q77: Closing entries are made<br>A) in order to
Q92: The income statement and statement of
Q102: The following information (in thousands) is
Q114: In order to close the Dividends account,
Q117: A post-closing trial balance will show<br>A) only
Q133: Adjusting entries are prepared from<br>A) source documents.<br>B)
Q151: Which one of the following is usually
Q247: Which account listed below would be double