What Best Describes the Purpose of Closing Entries

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.

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To update the retained Earnings account for net income or loss for the 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. Which of the following statements best describes the purpose of closing entries. 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.

To faciliate posting and taking a trial balance. 05 points Question Which of the following statements best describes the purpose of closing entries. It is closed to permanent account ie.

To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the. ATo continue recording the effects of transactions which began in one year and will be completed in another year. The purpose of closing entries.

To determine the amount of net income or net loss for the 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 reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and.

To faciliate posting and taking a trial balance. Select the statement which best describes the primary purpose of closing entries Select one. To faciliate posting and taking a trial balance b.

Necessary to achieve a proper matching of revenue and expense. 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.

39Which of the following statements best describes the purpose of closing entries. To facilitate posting and preparing a trial balance. 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. CTo prepare the books for the posting process and taking a trial balance. Answer To facilitate posting and preparing a trial balance.

Which statement best describes the purpose of closing entries. BTo compute net income or net loss for the year. Closing entries are the journal entries that are made at the end of an accounting period in order to be able to transfer temporary accounts to the permanent accounts.

To facilitate posting and taking trial balance b. To facilitate 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.

Retained earnings so that the effect of the temporary account as an. To determine the amount of net income or net loss for the period. Which of the following statements best describes the purpose of closing entries.

CTo prepare the books for the posting process and taking a trial balance. Most closing entries involve revenue and expense accounts. 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.

Normally prepared for prepaid accrued and estimated normally prepared for prepaid accrued and estimated items. 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.

Which of the following statements best describes the purpose of closing entries. What Is the Purpose of Closing Entries in Accounting. 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.

4 Which of the following statements best describes the purpose of closing entries. To facilitate adjusting entries b. 5 pts Question 3 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 d. To facilitate posting and preparing a trial balance. The data for the new financial year.

O More than one of these are. 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.

BTo compute net income or net loss for the year. 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. U05q1 - Question 6 Points.

Necessary to achieve a proper matching of revenue and expense. To determine the amount of gain or loss for the period. To determine the amount of net income or net loss for the period C.

Which statement 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. Reversing entries are Reversing entries are 1.

The primary purpose of closing entries is 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.

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