Closing entries:
A)Close all of the general ledger accounts
B)End the fiscal period
C)Close all of the subsidiary ledger accounts
D)Are journalized in the subsidiary ledgers

Question

Quizplus · Accepted Answer

Closing entries are part of the accounting cycle used to prepare accounts for the next period by clearing the balances of temporary accounts (revenues, expenses, and dividends) and summarizing the period's profit or loss. They do not close all ledger accounts nor are they journalized in subsidiary ledgers; they specifically target temporary accounts to transition to the next fiscal period.

Closing Entries