Closing Entries Result in Net Income Being Transferred to

question 129

Multiple Choice

Closing entries result in net income being transferred to

• A)a revenue account.
• B)the cash account.
• C)the contributed capital account.
• D)the retained earnings account.

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Definitions:

Quantitative Data

Information that can be measured and written down with numbers.

Qualitative Data

Information that is descriptive and conceptual, often gathered through methods like interviews, observations, and subjective analysis, rather than numerical.

Decimal Places

The positions to the right of a decimal point in a number, each position representing a fraction of ten.

Row Totals

The sum of the values in a row within a table or matrix, reflecting the aggregate of those specific entries.