In the Closing Process,expenses and Dividends Are Zeroed Out by ________

question 105

Multiple Choice

In the closing process,expenses and dividends are zeroed out by ________ each account and revenues are zeroed out by ________ each account.

• A)crediting;debiting
• B)crediting;crediting
• C)debiting;crediting
• D)debiting or crediting (depending on the account);crediting

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Definitions:

Fed

The Federal Reserve System, which is the central banking system of the United States.

Money Supply

The total amount of monetary assets available in an economy at any specific time, including cash, coins, and balances held in checking and savings accounts.

Monetary Policy

The process by which the central bank or monetary authority of a country controls the supply of money, often targeting an inflation rate or interest rate to ensure price stability and trust in the currency.

Restrictive Policy

Regulations or policies implemented to limit or control certain activities or behaviors.