All GSAs Are

question 50

Multiple Choice

All GSAs are

• A) permanent.
• B) successful.
• C) transitional.
• D) none of the above

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus resetting the temporary accounts for the next period.

Retained Earnings

The accumulated net income of a company that is retained and reinvested in the business rather than paid out as dividends.

Service Revenue

Income earned by a company for providing services rather than selling physical goods.

Equipment

Equipment consists of the fixed assets a company uses in its operational activities to produce goods or provide services, not intended for sale.