Assuming That Expenses Exceed Revenues,which of the Following Correctly Indicates

question 28

Multiple Choice

Assuming that expenses exceed revenues,which of the following correctly indicates the structure of the journal entry that is used to close revenue and expense accounts?

• A)Debit Retained Earnings,debit Expenses,and credit Revenues.
• B)Debit Revenues,debit Retained Earnings,and credit Expenses.
• C)Debit Revenues,debit Expenses,and credit Retained Earnings.
• D)Debit Expenses,credit Revenues,and credit Retained Earnings.

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Definitions:

Race/Ethnicity

Categories used to describe groups of people with common ancestry, cultural history, or social affiliation.

Multicollinearity

A situation in regression analysis where two or more predictor variables are highly correlated, potentially leading to difficulties in estimating the relationship between variables and outcomes.

Correlation Matrix

A table showing correlation coefficients between sets of variables, used to understand relationships and dependencies among them.

Variables

Elements, features, or factors that are likely to vary or change among subjects in a study or model.