A Constitution Must Be

question 74

Multiple Choice

A constitution must be:

• A) a written document
• B) applicable to all situations
• C) accepted by at least two-thirds of the citizens of a country
• D) acknowledged by the international community
• E) none of the other choices

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Definitions:

Withdrawal Account

A withdrawal account is an account in a partnership or sole proprietorship from which an owner can withdraw his or her share of the business profits.

Closing Process

The closing process involves summarizing revenue and expense accounts and transferring net income or loss to owner's equity to prepare the company's books for the next accounting period.

Post-Closing Trial Balance

A financial report created after closing entries are made, listing all the account balances to ensure that debits equal credits.

Temporary Accounts

Temporary Accounts are categories in accounting that are used to track financial transactions for a specific period, being reset or closed at the end of the fiscal year.