Asked by Braxton Terrazas on Apr 27, 2024
Verified
It is not necessary to post the closing entries to the general ledger.
General Ledger
A complete record of all financial activities conducted by a company throughout its existence.
- Appreciate the order of operations and their importance in the accounting cycle.
Verified Answer
KR
Kelsey RosenbergApr 30, 2024
Final Answer :
False
Explanation :
Closing entries are necessary to transfer the balances from temporary accounts to permanent accounts at the end of an accounting period, ensuring the general ledger is ready for the next period.
Learning Objectives
- Appreciate the order of operations and their importance in the accounting cycle.
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