Which of the Following Financial Statement Elements Is Closed at the End

question 139

Multiple Choice

Which of the following financial statement elements is closed at the end of an accounting cycle?

• A)Dividends
• B)Common stock
• C)Assets
• D)Liabilities

Understand the principles of corporate social responsibility.

Compare and contrast the concepts of individualism and collectivism.

Understand the differentiation between express, implied, and quasi-contracts, including how mistakes can impact contract enforceability.

Understand the principles surrounding the enforceability of electronic contracts (e-contracts) under ESIGN and other relevant laws.

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Definitions:

Social Security Tax

Social security tax is a tax levied by the government to fund social security programs, typically deducted from an employee's paycheck and also matched by employers.

Medicare Tax

A federal tax that funds Medicare, a health care program for individuals who are 65 years and older or meet other specific criteria, deducted from employee wages with an employer match.

Social Security Tax Rate

The rate at which income is taxed to fund the Social Security program, typically shared between employees and employers.

Medicare Tax Rate

The percentage of an individual's wages that is withheld or paid toward Medicare, a U.S. government health insurance program.