A Corporation's Net Income or Loss Is Closed at Year

question 66

Multiple Choice

A corporation's net income or loss is closed at year end to

• A) Accumulated Other Comprehensive Income.
• B) Common Shares.
• C) Retained Earnings.
• D) Other Comprehensive Income.

Understand the use of big data in monitoring and improving supply chain performance.

Understand the uses of different types of accounting journals and their applications in transactions.

Comprehend the vertical and horizontal analysis techniques and their applicability in evaluating financial performance.

Gain knowledge on recording transactions in specific journals based on the nature of the transaction.

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Definitions:

Inventory

The goods and materials a business holds for the purpose of resale or production.

Depreciation

The accounting process of allocating the cost of tangible assets over their useful lives, reflecting wear and tear, or obsolescence.

Capital Gain/Loss

The profit or loss made from selling an asset for more or less than its purchase price.

Depreciates

The process by which an asset loses value over time, often due to wear and tear, age, or obsolescence, impacting its useful life.