The Special Account Used Only in the Closing Process to Temporarily

question 47

Multiple Choice

The special account used only in the closing process to temporarily hold the amounts ofrevenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the:

• A)Nominal account.
• B)Balance column account.
• C)Income Summary account.
• D)Contra account.
• E)Closing account.

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Definitions:

LEO

Stands for Low Earth Orbit, which is the region of space around Earth at altitudes between 160 to 2,000 kilometers, used by satellites for a variety of applications.

MEO

Medium Earth Orbit, referring to satellites that orbit the earth at altitudes between Low Earth Orbit (LEO) and Geostationary Orbit (GEO), commonly used for navigation and communication.

Low-Power Transmitters

Electronic devices designed to broadcast signals over a short distance with limited power output, often used in personal or localized broadcasting scenarios.

GEO

Stands for Geostationary Earth Orbit, a type of orbit 35,786 kilometers above the Earth's equator and following the direction of the Earth's rotation.