MC31 What is the purpose of closing entries?
A. To update the accounts for the next accounting period
B. To transfer the balance in the temporary accounts to the permanent accounts
C. To correct errors in the accounting records
D. To calculate the net income or loss for the accounting period
Answer:B
MC31 What is the purpose of closing entries?
A. To update the accounts for the next accounting period B. To transfer the balance in the temporary accounts to the permanent accounts C. To correct errors in the accounting records D. To calculate the net income or loss for the accounting period