Which One of the Following Statements Is Incorrect in Terms

question 36

Multiple Choice

Which one of the following statements is incorrect in terms of extended families?

• A)They are a vital and important feature of child rearing
• B)They can provide a buffer to stresses of everyday living
• C)They are also an important means of transmitting cultural heritage from generation to generation
• D)None of the above

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Definitions:

Closing Journal Entries

Entries made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, preparing the books for the next period.

Dividends

Funds distributed to shareholders by a company, typically from its earnings.

Retained Earnings

The portion of a business's profits not distributed to shareholders but reinvested in the business or kept as a reserve.

Net Loss

The amount by which total expenses exceed total incomes for a business over a specific period, indicating a negative financial performance.