Closing entries are required:
A. If a company's bookkeeper does not choose to prepare reversing entries.
B. Only if the company adheres to the accrual method of accounting.
C. In order to satisfy the Internal Revenue Service guidelines.
D. If management has decided to cease operating the business.
E. So that Revenue, expense, and dividends accounts must begin each period with zero balances.
Answer: E
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The debit balance in Cash Short and Over at the end of an accounting period is reported as
a. an expense on the income statement b. income on the income statement c. an asset on the balance sheet d. a liability on the balance sheet
In Roberto’s health-related context, it is important for him to communicate ______ and to admit when he has a problem, and to seek help when he cannot resolve it on his own.
Fill in the blank(s) with the appropriate word(s).
Which of the following is true with regard to products?
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a. noncommitment b. understanding c. acceptance d. rejection