To Be a Member of the House of Representatives,a Person

question 82

Multiple Choice

To be a member of the House of Representatives,a person must be

• A)20 years old.
• B)25 years old.
• C)30 years old.
• D)35 years old.
• E)40 years old.

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Definitions:

Net Income

The residual financial benefit a company holds after reducing total income by all expenditures and tax payments.

Owner's Drawings Account

An account that tracks the funds withdrawn by the owner from the company for personal use.

Closing Entry

Journal entries used to transfer temporary account balances to permanent accounts and to reset the balances of temporary accounts to zero at the end of each accounting period.

Revenue Accounts

Accounts used to record the income generated from a company’s core operating activities.