Multiple Choice
An important purpose of closing entries is to
A) help achieve the goals of the matching principle.
B) set permanent account balances to zero to begin the next period.
C) update the nominal accounts at year end.
D) transfer net income or net loss to the owner's Capital account.
Correct Answer:
Verified
Correct Answer:
Verified
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Q44: An adjusting entry was made on the
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Q47: An important purpose of closing entries is
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Q53: Depreciation Expense-Buildings is a nominal account.