Closing the Temporary Accounts at the End of Each Accounting

question 275

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 retained earnings account on the balance sheet.
• B)Prepares the dividends account for use in the next period.
• C)Brings the revenue and expense accounts to zero balances.
• D)Has no effect on the retained earnings account.
• E)Causes retained earnings to reflect increases from revenues and decreases from expenses and dividends.

---

Definitions:

Cnidarian

A group of aquatic invertebrates known for their stinging cells, including jellyfish, corals, and sea anemones.

Sponges

Simple aquatic invertebrates known for their porous bodies through which water flows, extracting nutrients and oxygen.

Cubozoans

Members of the class Cubozoa, a group of highly venomous box jellyfish known for their cube-shaped medusae and potent stings.

Nemerteans

The phylum of animals commonly known as ribbon worms; each has a proboscis (tubular feeding organ) for capturing prey.