Asked by kkoln kkijknjn on Jul 22, 2024
Verified
Once an account has been closed for the period, inserting a line in the balance columns zeros out the account, making it ready for the following period.
Closing
The process of finalizing accounts at the end of an accounting period, transferring temporary account balances to permanent ones.
Zeros Out
The process of adjusting an account balance to zero, often used in the context of budgeting or closing temporary accounts at the end of an accounting period.
Balance Columns
Columns in an account or ledger used to record the debit and credit balances.
- Comprehend the aim and procedure of finalizing entries in accounting.
Verified Answer
MC
Mikayla CunneyJul 24, 2024
Final Answer :
True
Explanation :
When a line is inserted in the balance columns, it zeroes out the account and prepares it for the next accounting period.
Learning Objectives
- Comprehend the aim and procedure of finalizing entries in accounting.