-The 20X4 Closing Entries Would Include Which of the Following

question 89

Multiple Choice

$\begin{array}{l}\text { At the end of } 20 \times 4 \text {, the following data were taken from the accounts of Timberline Company: }\\\begin{array} { | l | r | } \hline \text { Share capital } & \$ 209,000 \\\hline \text { Retained earnings, beginning balance January 1, 20X4 } & 100,000 \\\hline \text { Total revenue earned during 20X4 } & 190,000 \\\hline \text { Total expenses incurred during 20X4 } & 180,000 \\\hline \text { Total cash collected during 20X4 } & 200,000 \\\hline\end{array}\end{array}$
-The 20X4 closing entries would include which of the following?

• A) $10,000 net credit to retained earnings.
• B) $10,000 net debit to retained earnings.
• C) $190,000 debit to retained earnings.
• D) $180,000 credit to retained earnings.

Understand the concepts of risk, including liquidity, inflation, and interest rate risks, in financial planning.

Recognize the importance of time value of money in financial planning.

Identify and develop personal financial goals and understand the financial planning process.

Understand the components and importance of financial planning.

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Definitions:

Adlerian Approach

A psychological theory founded by Alfred Adler, focusing on the importance of feelings of inferiority and striving for superiority as motivational forces in human behavior.

Middle-Upper Income

Refers to individuals or households that possess income levels above the national median but below the wealthiest segment of society.

Functional Benefits

The practical or useful aspects of a product or service that meet the basic needs of the user.

Country of Origin

The country where a product was manufactured or a brand was originally established, often influencing consumer perceptions and preference.