Multiple Choice
Closing an account means:
A) reducing the balance to zero.
B) transferring the balance to the trial balance.
C) transferring the balance to the balance sheet.
D) removing the account from the ledger.
Correct Answer:
Verified
Correct Answer:
Verified
Q27: Retained earnings is what type of account?<br>A)
Q28: Interim statements are:<br>A) summary financial statements.<br>B) only
Q29: A post-closing trial balance provides:<br>A) the starting
Q30: Prince Ltd's year-end trial balance includes the
Q31: Accounting entries made to reduce the temporary
Q33: Which of the following statements is true?<br>A)
Q34: Which of the following accounts is closed
Q35: The end of the financial year for
Q36: Income and expenses are accumulated for only
Q37: Adjusting entries prepared for interim financial statements