Multiple Choice
An important purpose of closing entries is to
A) set nominal account balances to zero to begin the next period.
B) adjust the accounts in the ledger.
C) help in preparing financial statements.
D) set real account balances to zero to begin the next period.
Correct Answer:
Verified
Correct Answer:
Verified
Q42: The Trial Balance and Adjusted Trial Balance
Q43: What two broad purposes do closing entries
Q44: An adjusting entry was made on the
Q45: Information from the Income Statement columns of
Q46: A work sheet is useful for all
Q48: An important purpose of closing entries is
Q49: The post-closing trial balance will typically have
Q50: The information needed to record the adjusting
Q51: The owner's Capital,Withdrawals,and Income Summary accounts for
Q52: The normal account balances for owner's Capital