Closing entries are required: Multiple Choice If management has decided to cease operating the business. 0 O Only if the company adheres to the accrual method of accounting. 0 If a company's bookkeeper does not choose to prepare reversing entries. 0 o f the temporary accounts are to reflect correct amounts for each accounting period. 0 In order to satisfy the Internal Revenue Service guidelines. A classified balance sheet: Multiple Choice o Measures a company's ability to pay its bills on time. o Organizes assets and liabilities into important subgroups that provide more information. o Broadly groups items into assets, liabilities, and equity. o Reports operating, investing, and financing activities. o Reports the effect of profit and withdrawals on owner's capital. An account linked with another account that has an opposite normal balance and is subtracted from the balance of the related account is al Help O Accrued expense. O O Contra account. O O Accrued revenue. O Intangible asset. O Adjunct account. sprey