Transferring Net Revenue and Expense Account Balances to Retained Earnings

question 80

Multiple Choice

Transferring net revenue and expense account balances to retained earnings for the period is referred to as ________.

• A) multiple-entry bookkeeping
• B) matching the account
• C) closing the books
• D) single-entry bookkeeping
• E) measuring current balance

---

Definitions:

First Impressions

The initial perceptions or judgments formed about someone or something at the first encounter.

Memory

The cognitive process involving the encoding, storing, and retrieving of information over time.

Encoding

The method of transforming data into a format that can be retained in memory storage.

Storage

The retention of information or material in memory for future retrieval.