Use the Following Data, Taken from the Adjusted Trial Balance

question 58

Multiple Choice

Use the following data, taken from the adjusted trial balance, for 70 and 71.
-Which of the following permanent account is changed during the closing process?

• A) Share Capital-Ordinary.
• B) Retained Earnings.
• C) Unearned Service Revenue.
• D) None of these answer choices are correct.

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Definitions:

Financially Controlled

A condition where financial resources, expenses, and income are regulated and monitored to ensure stability and prevent fraud.

Entrepreneurial Hobby

An activity or interest pursued outside one's regular occupation that involves creating or managing ventures with a growth and profit potential.

B2B

Business-to-business, a type of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and retailer.

Small Business Sector

The segment of the economy composed of independently owned companies that have fewer employees and lower revenue than larger corporations.