To Close the Fees Earned Account

question 59

Multiple Choice

To close the Fees Earned account:

• A)debit Income Summary;credit Fees Earned.
• B)debit Fees Earned;credit Withdrawals.
• C)debit Fees Earned;credit Income Summary.
• D)debit Capital;credit Fees Earned.

Gain insights into the budgeting process for non-profit organizations, focusing on cost management.

Learn how to manage and budget for multiple measures of activity in service operations.

Understand the role and importance of administrative and operational expenses in budgeting for service and healthcare providers.

Understand the concept of flexible budgeting and its importance in financial planning.

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Definitions:

Drive Gear

A gear that transmits power from the engine to the drivetrain in a vehicle, facilitating movement.

Armature

The rotating coil or core of a generator or motor on which the winding is placed and electrical current is induced.

Driveshaft

A mechanical component for transmitting torque and rotation, usually used in vehicles to connect other components of the drivetrain that cannot be directly connected.

Pole Pieces

Components in an electric motor or generator that enhance the magnetic field produced by the winding.