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.

---

Definitions:

Demographic Group

A segment of the population defined or categorized by specific characteristics such as age, gender, income, etc., often used in statistical analysis.

Management Function

The roles and activities undertaken by managers to effectively and efficiently coordinate the resources of an organization towards achieving its objectives.

Daniel Goleman

An author and psychologist known for his work on emotional intelligence and its importance in leadership and personal development.

Deal with Emotions

The process of managing and regulating one's own feelings to navigate various social situations or for personal well-being.