Asked by Joshua David on May 07, 2024
Verified
Closing entries are not included in the adjustment columns of the worksheet.
Closing Entries
At the close of an accounting period, recordings are made to move balances from temporary accounts to those that are permanent.
Adjustment Columns
Special columns found in accounting ledgers and worksheets used for making necessary modifications to accounts at the end of a reporting period.
- Describe the process of closing the books at the end of an accounting period.
Verified Answer
AA
Arjwan AlaniMay 11, 2024
Final Answer :
True
Explanation :
Closing entries are part of the year-end process to transfer balances from temporary accounts to permanent accounts and are not included in the adjustment columns of the worksheet, which are used for recording adjusting entries.
Learning Objectives
- Describe the process of closing the books at the end of an accounting period.