The Following Accounts Are Closed Directly into Retained Earnings;therefore,this (These)account(s)are

question 49

Multiple Choice

The following accounts are closed directly into retained earnings;therefore,this (these) account(s) are not accounted for separately in the company's chart of accounts:

• A)Revenues.
• B)Expenses.
• C)Dividends.
• D)All of the above are correct.
• E)None of the above are correct.

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Definitions:

Master Budget

The master budget is a comprehensive financial planning document that consolidates all of a company's individual budgets, forecasting future financial activities.

Sales

Deals involving the swapping of products or services for monetary value, which constitute the main income stream for numerous companies.

Forecasting

The process of making predictions about future events or trends based on historical data and analysis, commonly used in finance and operations planning.

Activity-Based Budgeting

A budgeting approach where budgets are created based on activities and processes, taking into consideration the costs of all activities necessary to produce and sell a product.