Closing the Revenue, Expense, and Dividend Accounts

question 94

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 Stockholders' Equity for the period.

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Definitions:

Contribute

To give or provide something, often in the context of adding to a group effort or collective resource.

Benefit

The advantage or positive outcome gained from something.

Nash Equilibrium

A solution concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged.

Strategy

A plan of action designed to achieve a long-term or overall goal.