Which Types of Accounts Are Closed Out to the Retained

question 120

Essay

Which types of accounts are closed out to the Retained Earnings account at the end of an accounting period?.
a)________ The settlement of an account payable requires a credit to a liability account.b)________ The payment of a cash expense requires a debit to cash and a credit to the related expense account.c)________ Debits are entered on the left and credits are entered on the right in a T-account.d)________ A credit entry decreases an asset account.e)________ Increases in revenues are recorded with debits to the revenue accounts.

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Definitions:

Naïve Subjects

Individuals participating in a study or experiment who have no prior knowledge or expectations about the research being conducted.

Stanley Milgram

A psychologist known for his research on obedience, demonstrating people's willingness to follow the orders of an authority figure.

Original Obedience Study

Refers to the research conducted by Stanley Milgram in the 1960s, which investigated the extent to which individuals would follow orders from an authority figure, even when the orders were to administer electric shocks to another person.

Subjects

Participants in a research study.