The Special Account Used Only in the Closing Process to Temporarily

question 237

Multiple Choice

The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:

• A)Income Summary account.
• B)Closing account.
• C)Balance column account.
• D)Contra account.
• E)Nominal account.

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Definitions:

Satisfied Employees

Workers who feel content, valued, and fulfilled in their jobs, often resulting in higher productivity and lower turnover rates.

HR Department

The segment of an organization focused on recruitment, management, and direction of people who work in the organization, also dealing with employee benefits, training, and compliance.

Small Organizations

Businesses or institutions characterized by a smaller workforce, lower revenues, or limited operational scope.

Scientific Management

A management theory that analyzes work flows to improve economic efficiency, especially labor productivity.