The most efficient sources for closing entry information are the
A) general ledger and general journal.
B) general journal and work sheet.
C) general ledger and work sheet.
D) work sheet and financial statements.
E) balance sheet and income statement.

Question

Quizplus · Accepted Answer

The general ledger and the work sheet are both used in preparing closing entries. The general ledger provides information about the balances in the various accounts while the work sheet summarizes the account balances and identifies the accounts that need to be closed. The general journal and the balance sheet and income statement may also provide useful information, but they are not as directly relevant to the closing entry process.

The Most Efficient Sources for Closing Entry Information Are the