Closing the Temporary Accounts at the End of Each Accounting

question 7

Multiple Choice

Closing the temporary accounts at the end of each accounting period

• A)Gives the withdrawals account a zero balance.
• B)Serves to transfer the effects of these accounts to the proper equity account on the balance sheet.
• C)Prepares the withdrawals account for use in the next period.
• D)Gives the revenue and expense accounts zero balances.
• E)All of these answers are correct.

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Definitions:

Myopathy

A disorder that affects the muscles, impairing their ability to contract and relax, which can lead to weakness and dysfunction.

Myalgia

Muscle pain or soreness, often related to overuse, injury, or underlying health conditions.

Minor Trauma

Refers to physical injuries that are not life-threatening and usually require minimal medical intervention.

Contusion

A medical term for a bruise, which is a discoloration of the skin caused by bleeding underneath, usually due to trauma.