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Define federalism and explain which issues have traditionally been considered national policy questions, which issues have traditionally been the responsibility of states, and which policy domains have customarily been shared concurrently between federal and state governments.
Closing Entry
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, ultimately resetting the balances of temporary accounts to zero.
Income Summary
An account used in the closing process that summarizes the results of operations by collecting all revenue and expense account balances before determining the net income or loss.
Retained Earnings
The cumulative amount of profits that have been reinvested in the business rather than distributed to shareholders as dividends.
Dividends
Dividends disbursed to members holding shares in a corporation, generally originating from the profits of the business.
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