Question

Which of the following statements is true?
A.Owner's capital must be closed each accounting period.
B.A post-closing trial balance should include only permanent accounts.
C.Information on the work sheet can be used in place of preparing financial statements.
D.By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts.
E.Closing entries are only necessary if errors have been made.

Answer

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