The Temporary Account Balances Ultimately Wind Up in What Account

question 179

Multiple Choice

The temporary account balances ultimately wind up in what account?

• A) Income Summary.
• B) Retained Earnings.
• C) Share Capital-Ordinary.
• D) Comprehensive Income.

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Definitions:

Avoidance

The act of preventing something from happening or ensuring that one does not become involved in it.

Erroneous Expression

A mistake in speech or writing that deviates from what is correct, true, or accurate.

Reformation

Reformation is a judicial remedy used to correct or modify a written contract or document that does not accurately reflect the true intentions of the parties due to a mistake, misrepresentation, or fraud.

Enforce Contract

The legal process of compelling compliance with the terms of a contract, typically through court action or arbitration.