If a business closes its accounts only at year-end:
A)Financial statements are prepared only at year-end.
B)Adjusting entries are made only at year-end.
C)Revenue and expense accounts reflect year-to-date amounts throughout the year.
D)Monthly and quarterly financial statements cannot be prepared.

Question

Quizplus · Accepted Answer

The Answer of If a business closes its accounts only at year-end:
A)Financial statements are prepared only at year-end.
B)Adjusting entries are made only at year-end.
C)Revenue and expense accounts reflect year-to-date amounts throughout the year.
D)Monthly and quarterly financial statements cannot be prepared.

If a Business Closes Its Accounts Only at Year-End