The Process of Transferring Net Income (Or Loss) for the Period

question 118

Short Answer

The process of transferring net income (or loss) for the period to Owner's Capital is accomplished by making ______________ entries.

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Definitions:

Proportion

A statement of the equality of two ratios.

Direct Labour

The cost of wages for employees who directly manufacture or produce goods and services.

Raw Materials

The basic materials from which a product is made, often referred to in the context of manufacturing and production industries.

Assemblers

Individuals or machines that put together components to create a finished product.