The Steps in the Closing Process Are (1)close Credit Balances

question 209

True/False

The steps in the closing process are (1)close credit balances in revenue accounts to Income Summary; (2)close debit balances in expense accounts to Income Summary; (3)close Income Summary to Retained Earnings; (4)close Dividends to Retained Earnings.

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Definitions:

Employee Satisfaction

The level of contentment employees feel about their job, which can affect their performance and loyalty to the company.

Company Policies

Formal guidelines and rules adopted by an organization to govern its actions and decisions.

Pay Surveys

Are surveys of compensation paid to employees by other employers in a particular geographic area, industry, or occupational group.

Internal Equity

The fairness with which an organization's compensation policies and practices distribute resources among its employees.