There Are Two Closing Entries

question 204

Multiple Choice

There are two closing entries. The first one is to close _____; the second one is to close _____.

• A) revenues and expenses, the drawing account
• B) revenues, expenses and the drawing account
• C) revenues, expenses
• D) the drawing account, revenues

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Definitions:

Mediating Conflicts

The process of intervening in a dispute or conflict to help the involved parties reach a resolution or understanding through dialogue and negotiation.

Five-step Model

A generic framework often used in problem-solving or project management that outlines five sequential stages: define, measure, analyze, improve, and control.

Agreement

A mutual understanding or arrangement, typically formalized into a contract, between two or more parties about what each will do for the other.

Stroking Technique

A method used in communication or therapy that involves positive reinforcement to encourage desired behavior.