Which of the following statements regarding timing issues associated with the closing entries is true?
A)Closing entries are recorded at the end of each reporting period which could be monthly,quarterly or annually.
B)After closing entries are posted,the balances of the income statement accounts will be zero.
C)Closing entries are made to zero out the balances of the permanent accounts on the balance sheet.
D)After closing entries are posted,the only temporary account with a balance is the Dividends Declared account.

Question

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The Answer of Which of the following statements regarding timing issues associated with the closing entries is true?
A)Closing entries are recorded at the end of each reporting period which could be monthly,quarterly or annually.
B)After closing entries are posted,the balances of the income statement accounts will be zero.
C)Closing entries are made to zero out the balances of the permanent accounts on the balance sheet.
D)After closing entries are posted,the only temporary account with a balance is the Dividends Declared account.

Which of the Following Statements Regarding Timing Issues Associated with the Closing