What Best Describes the Purpose of Closing Entries

To facilitate posting and taking a trial balance. Which of the following statements best describes the purpose of closing entries.

Closing Entries Financial Accounting

To facilitate posting and taking trial balance b.

. To faciliate posting and taking a trial balance. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period Correct c.

To facilitate posting and preparing a trial balance. To faciliate posting and taking a trial balance. BTo compute net income or net loss for the year.

To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. To facilitate posting and preparing a trial balance. Which of the following statements best describes the purpose of closing entries.

To determine the amount of net income or net loss for the period c. To update the retained Earnings account for net income or loss for the period. When the end of the accounting period arrives closing entries are recorded where accounting information in temporary accounts is summarized and transferred over to permanent accounts.

One purpose of closing entries is to transfer net income or net loss for the period to Retained Earnings. Which of the following statements best describes the purpose of closing entries. ATo continue recording the effects of transactions which began in one year and will be completed in another year.

Select the statement which best describes the primary purpose of closing entries Select one. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the. Most closing entries involve revenue and expense accounts.

To faciliate posting and taking a trial balance. Which statement best describes the purpose of closing entries. To determine the amount of net income or net loss for the period.

5 pts Question 3 Which of the following statements best describes the purpose of closing entries. To determine the amount of net income or net loss for the period. 4 Which of the following statements best describes the purpose of closing entries.

The data for the new financial year. To complete the record of various transactions that were started in a prior period. At the end of the accounting 12-month period also known as year end closing entries are part of the.

A closing entry is a journal entry made at the end of the accounting period. To determine the amount of net income or net loss for the following period. To determine the amount of net income or net loss for the period.

Retained earnings so that the effect of the temporary account as an. 39Which of the following statements best describes the purpose of closing entries. 4 Which of the following statements best describes the purpose of closing entries.

To complete the recording of various transactions which are begun in one period and concluded in a later period b. To determine the amount of net income or net loss for the period. To reduce the balances of nominal accounts to zero so that they may be used to accumulate the revenue expenses and dividends of the next period.

To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. A second purpose is to zero-out all temporary accounts revenue accounts expense accounts and Dividends so that they start each new period with a zero balance. To facilitate adjusting entries b.

All income statement balances are. Answer To facilitate posting and preparing a trial balance. 05 points Question Which of the following statements best describes the purpose of closing entries.

O More than one of these are. To reduce the balances of temporary accounts to zero so that they may be used to accumulate the revenue expenses and dividends of the next. U05q1 - Question 6 Points.

Which of the following statements best describes the purpose of closing entries. Select the statement which best describes the primary purpose of closing entries a. To determine the amount of net income or net loss for the period C.

7 Which of the following statements best describes the purpose of closing entries. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. The purpose of closing entries.

To complete the recording of various transactions which are begun in one period and concluded in a later period d. To faciliate posting and taking a trial balance b. It is closed to permanent account ie.

To faciliate posting and taking a trial balance. CTo prepare the books for the posting process and taking a trial balance. To determine the amount of net income or net loss for the period.

They reduce the balances of revenue and expense accounts to zero so that the accounts can be used to accumulate the revenues and expenses of the next period. Which of the following statements best describes the purpose of closing entries. The reason for closing the temporary accounts is to make the balances of these temporary accounts to zero because the financial year is the end and the account balances need to be zeroed out for accumulating new transactions ie.

It involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet. To determine the amount of gain or loss for the period. Which of the following statements best describes the purpose of closing entries.

To determine the amount of net income or net loss for the period c. Which of the following statements best describes the purpose of closing entries. To faciliate posting and taking a trial balance.

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