Multiple Choice
Which statement relating to closing entries is incorrect?
A) The closing process is simple with a computerised accounting system.
B) Closing entries are only made once a year.
C) Closing entries are made each time a trial balance is prepared.
D) The need for closing entries arises from the accounting period assumption.
Correct Answer:
Verified
Correct Answer:
Verified
Q39: In the closing process which accounts are
Q40: Closing the accounts refers to:<br>A) establishing zero
Q41: In a company balance sheet, what are
Q42: The post-closing trial balance contains only:<br>A) income
Q43: The true statement is:<br>A) reversing entries are
Q45: Which of these is not a purpose
Q46: Because the balance at the end of
Q47: What is the correct order for the
Q48: The major purpose of a post-closing trial
Q49: Accounting entries made to reduce the temporary