The Purpose of Closing the Books Is to Transfer

question 15

Multiple Choice

The purpose of closing the books is to transfer:

• A)Drawing to Sales.
• B)Cost of Goods Sold to Accounts Payable.
• C)Checking to Accounts Receivable.
• D)Net income to Retained Earnings
• E)None.

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Definitions:

Financial Protections

Measures and policies implemented to safeguard individuals' assets and investments from fraud, theft, or other financial risks.

Cohabitating Couple

A couple living together in a long-term relationship without being married.

Married Couple

Two individuals legally united in marriage, sharing emotional, financial, and social bonds and responsibilities.

First Year

The initial period of twelve months or the freshman level of an educational or experiential setting.