After Closing Entries Are Posted, the Balance in the Owner's

question 38

Multiple Choice

After closing entries are posted, the balance in the owner's capital account in the ledger will be equal to

• A) the beginning owner's capital reported on the statement of owner's equity.
• B) the amount of the owner's capital reported on the balance sheet.
• C) zero.
• D) the profit (or loss) for the period.

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Definitions:

Leadership Style

The approach and technique adopted by a leader to guide, influence, and lead a group towards achieving its goals.

Achievement-Oriented Leadership

A leadership style focused on setting challenging goals and seeking continuous improvement in team performance.

Path-Goal Theory

A leadership theory that emphasizes the role of a leader in defining goals and laying down paths for subordinates to achieve those goals.

Supportive Leadership Style

A leadership approach that focuses on the well-being of employees, motivating them through understanding, empathy, and encouragement.