Reference no: EM132785589
Question 1: An important purpose of closing entries is to
a. adjust the accounts in the ledger.
b. set nominal account balances to zero at the start of the next period.
C.set real account balances to zero at the start of the next period.
d. help in preparing financial statements.
Question 2: Which of the following sequences of documents or records describes the proper sequence in the accounting cycle?
a. Source documents, ledger, journal, financial statements
b. Journal, source documents, ledger, financial statements
C. Source documents, journal, ledger, financial statements
d. Ledger, source documents, journal, financial statements
Question 3: Closing entries will
a. increase the Owner's Capital balance.
b. decrease the Owner's Capital balance.
C. not affect the Owner's Capital balance.
d. either increase or decrease the Owner's Capital balance.
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Which the primary objective of reversing entries is to
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Which an important purpose of closing entries is to
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