Asked by Dakota Swader on Jul 22, 2024
Verified
Entries required to close the balances of the temporary accounts at the end of the period are called final entries.
Final Entries
Journal entries made at the end of an accounting period to prepare accounts for the next period or close the books.
- Determine the categorization and characteristics of various balance sheet and income statement accounts.
Verified Answer
RF
Rachel FalterJul 23, 2024
Final Answer :
False
Explanation :
Entries required to close the balances of the temporary accounts at the end of the period are called closing entries, not final entries.
Learning Objectives
- Determine the categorization and characteristics of various balance sheet and income statement accounts.
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