They Have Asked Jillian, a Trusted Colleague and Associate, to Engage

question 72

Multiple Choice

They have asked Jillian, a trusted colleague and associate, to engage in fact-finding, interpretation, and persuasion to develop some agreements with them. Jillian's role is that of a(n)

• A)mediator.
• B)arbitrator.
• C)conciliator.
• D)consultant.
• E)facilitator.

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Definitions:

Post-closing Trial Balance

A list of all accounts and their balances after the closing entries are made, used to check the accuracy of closing entries and prepare for the next accounting period.

Retained Earnings

The cumulative amount of net income earned by a company that is retained and not distributed to shareholders as dividends.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Net Income

The remaining earnings of a corporation after deducting all operating costs and tax obligations from its revenue.