Which of the Following Is True of the First Closing

question 91

Multiple Choice

Which of the following is true of the first closing entry?

• A)Retained Earnings is not involved in the entry.
• B)Retained Earnings is always debited.
• C)Retained Earnings is always credited.
• D)Retained Earnings may be debited or credited.

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Definitions:

527s

Political organizations that can raise unlimited funds for political activities provided they do not coordinate directly with a candidate or political party.

501(c)(4)s

A category of nonprofit organizations in the United States that are permitted to engage in some political activities, provided their primary focus is the promotion of social welfare.

Political Advocacy

Activities or campaigns aimed at influencing the decisions within political, economic, and social systems and institutions.

Funds

Financial resources set aside for a specific purpose or project.