In the Closing Process, All the Revenue and Expense Accounts

question 63

Multiple Choice

In the closing process, all the revenue and expense accounts are transferred to a clearing or suspense account called

• A) Other Comprehensive Income.
• B) Common Shares.
• C) Retained Earnings.
• D) Income Summary.

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Definitions:

Substituted Service

A legal method of serving court documents when direct service to the defendant or respondent is not possible, typically involving leaving documents with another person or at a specified location.

E-service

Refers to electronic service, which is the provision of services via the internet or an electronic network.

Certified Mail

A mailing service that provides the sender with a receipt and confirmation that the mail was delivered to the recipient.

E-mail

Electronic mail, a method of exchanging messages between people using electronic devices.