Closing the Revenue, Expense, and Dividend Accounts

question 115

Multiple Choice

Closing the revenue, expense, and dividend accounts:

• A) yields the amount of net income or net loss for the period.
• B) yields the change in retained earnings for the period.
• C) yields the change in the permanent accounts for the period.
• D) yields the final balance in shareholder's equity for the period.
• E) yields the change in balance sheet accounts.

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Definitions:

Own Biases

Personal prejudices or preconceived notions that can influence one's judgment and perception.

Tolerance

The readiness to tolerate emotions, practices, or convictions that diverge from one's personal views.

Nonverbal Differences

Variations in body language, facial expressions, and other forms of non-spoken communication that differ between cultures or individuals.

Businesspeople

Individuals engaged in activities related to the operation, management, and organization of businesses.