The Process of Transferring Balances for Temporary or Nominal Accounts,such

question 13

Multiple Choice

The process of transferring balances for temporary or nominal accounts,such as revenue,expense,gain,and loss,to the retained earnings account is called ____.

• A)cost accounting
• B)account closure
• C)periodic closure
• D)closing the books
• E)statement wrap-up

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Definitions:

Product Structure

The hierarchical arrangement of components, sub-assemblies, and parts in a product, showing how they fit together.

Central Point of Accountability

A single, designated position or person within an organization responsible for ensuring tasks or projects are completed as required.

Market Area

The geographic region or demographic group served by a business or organization.

Divisional Structure

An organizational layout where operations are divided into separate divisions based on product, service, market, or geographic region, each with its own set of functions.