Within Any Given Country, Which of the Following Sets Most

question 75

Multiple Choice

Within any given country, which of the following sets most of the norms and standards, and holds most of the positions of political, economic, intellectual and media power?

• A) Majority culture
• B) Minority culture
• C) Ethnic populace
• D) Subcultural groups

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Definitions:

Nominal Accounts

Accounts that are closed at the end of each accounting period, including revenue, expense, and withdrawal accounts, which are used to calculate the period's net income or loss.

Income Summary

An account in the ledger that is used to summarize the revenue and expenses of a period, facilitating the transfer of their net effect to retained earnings.

Net Income

The final earnings of a corporation once expenses and taxes are subtracted from its gross income.

Income Summary Account

An account used in the closing process to summarize the results of all revenue and expense accounts.