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:

Encapsulation

A fundamental principle of object-oriented programming that restricts direct access to an object's components and can prevent the accidental modification of data.

Inheritance

A mechanism in object-oriented programming where a new class is derived from an existing class, inheriting its attributes and behaviors.

Polymorphism

Polymorphism is a concept in object-oriented programming that allows objects of different classes to be treated as objects of a common superclass, enabling a single interface to control the access to the specific method implementations.

Late Binding

A programming mechanism where method calls are resolved at runtime rather than compile time.