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:

Acid Rain

A phenomenon where rain becomes acidic due to atmospheric pollution, causing environmental harm.

Ecosystems Destruction

Ecosystems destruction refers to the severe disruption or eradication of an ecosystem, leading to loss of biodiversity and degradation of natural habitats often caused by human activity.

Precipitation

Any form of water, liquid or solid, that falls from the atmosphere and reaches the ground, including rain, snow, sleet, and hail.

Ozone Layer

A layer in the Earth's stratosphere containing a high concentration of ozone, which absorbs most of the Sun's ultraviolet radiation, protecting the Earth.