Closing the Temporary Accounts at the End of Each Accounting

question 11

Multiple Choice

Closing the temporary accounts at the end of each accounting period does all of the following except:

• A)Serves to transfer the effects of these accounts to the owner's capital account on the balance sheet.
• B)Prepares the withdrawals account for use in the next period.
• C)Brings the revenue and expense accounts to zero balances.
• D)Has no effect on the owner's capital account.
• E)Causes owner's capital to reflect increases from revenues and decreases from expenses and withdrawals.

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Definitions:

Oppressive Conditions

Circumstances that unjustly restrict freedom or rights, typically under the control of a dominant group imposing hardships on others.

Exclusive Membership

A selective form of membership that restricts access to a particular group, organization, or club to certain individuals based on specific criteria.

Voluntary Membership

A principle that individuals choose to join or leave organizations or groups based on their own free will without coercion.

Larger Society

A broad term referring to the extensive social environment beyond one's immediate community, encompassing the norms, values, institutions, and cultural practices of a country or the global community.