Multiple Choice
An important purpose of closing entries is to
A) update the nominal accounts at year end.
B) set permanent account balances to zero to begin the next period.
C) help achieve the goals of the matching principle.
D) transfer net income or loss to Retained Earnings.
Correct Answer:
Verified
Correct Answer:
Verified
Q124: Net income is misleading when revenue is
Q140: Which two broad account categories are used
Q225: Use this adjusted trial balance to answer
Q226: Which of the following is an example
Q227: Use this information to answer the following
Q228: Accounting periods should be of unequal length
Q231: The Supplies Expense account on the income
Q232: Making an assumption about periodicity attempts to
Q233: Below are the adjusted accounts of Midlesex
Q234: The Income Summary account is credited in