The closing process is necessary in order to: Multiple Choice O O Calculate net income or...
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The closing process is necessary in order to: Multiple Choice O O Calculate net income or net loss for an accounting period. Ensure that all permanent accounts are closed to zero at the end of each accounting period. Ensure that the company complies with state laws. Ensure that net income or net loss and dividends for the period are closed into the retained earnings account. Ensure that management is aware of how well the company is operating. The closing process is necessary in order to: Multiple Choice O O Calculate net income or net loss for an accounting period. Ensure that all permanent accounts are closed to zero at the end of each accounting period. Ensure that the company complies with state laws. Ensure that net income or net loss and dividends for the period are closed into the retained earnings account. Ensure that management is aware of how well the company is operating.
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Answer rating: 100% (QA)
Explanations Closing entries are usually made at the end of the accounting period It is ... View the full answer
Related Book For
Statistics For Business And Economics
ISBN: 9780132745659
8th Edition
Authors: Paul Newbold, William Carlson, Betty Thorne
Posted Date:
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