Closing the Temporary Accounts at the End of Each Accounting

question 88

Multiple Choice

Closing the temporary accounts at the end of each accounting period

• A) Serves to transfer the effects of these accounts to the proper equity account on the balance sheet
• B) Prepares the withdrawals account for use in the next period
• C) Gives the revenue and expense accounts zero balances
• D) Gives the withdrawals account a zero balance
• E) All of these

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Definitions:

Normal Curve

A bell-shaped curve that represents the distribution of many types of data where most occurrences take place around the average, and fewer instances occur as you move away from the center.

Standard Deviation

A measure of the dispersion or variability within a set of data points, indicating how much individual data points differ from the mean of the data set.

Raw Scores

The original, unadjusted scores obtained directly from a test or assessment.

Test-retest Reliability

The consistency of a measure assessed over time with the same participants.