The Temporary Account Balances Ultimately Wind Up in What Account

question 46

Multiple Choice

The temporary account balances ultimately wind up in what account?

• A)Income Summary.
• B)Retained Earnings.
• C)Share Capital-ordinary.
• D)Comprehensive Income.

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Definitions:

Clear Instructions

Explicit and unambiguous directions provided to carry out a task or procedure efficiently and effectively.

Agency by Operation of Law

A legal principle that creates an agency relationship under certain conditions, despite the lack of any agreement between the parties, for reasons of fairness or necessity.

Settlement Agreement

A legally binding contract that resolves a dispute between parties outside of court, usually involving some form of compensation.

Unable

The condition of not having the necessary means, knowledge, or opportunity to do something.