Which statement relating to closing entries is incorrect?
A) Closing entries are made each time interim financial reports are prepared.
B) Closing entries are only made once a year.
C) The need for closing entries arises from the accounting period assumption.
D) The closing process is simple with a computerised accounting system.

Question

Quizplus · Accepted Answer

Closing entries are made at the end of each accounting period, not just once a year.

Which Statement Relating to Closing Entries Is Incorrect