If Monthly Financial Statements Are Desired by Management

Multiple Choice

If monthly financial statements are desired by management:

A) Journalizing and posting adjusting entries must be done each month.
B) Journalizing and posting closing entries must be done each month.
C) Monthly financial statements can be prepared from worksheets; adjustments and closing entries need not be entered in the accounting records.
D) Adjusting and closing entries must be entered in the accounting records before preparation of interim financial statements.