Question
1. The closing entry process consists of closing a. all asset and liability accounts. b. out the owners capital account. c. all permanent accounts. d.
1. The closing entry process consists of closing
a. all asset and liability accounts.
b. out the owners capital account.
c. all permanent accounts.
d. all temporary accounts.
2. Closing entries are necessary for
a. permanent accounts only.
b. temporary accounts only.
c. both permanent and temporary accounts.
d. permanent or real accounts only.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Effective Auditing For Corporates Ensuring That All The Risks Are Covered
Authors: Bloomsbury, Joe Oringel
1st Edition
1849300445, 978-1849300445
