Review the Feature Entitled "Louis VI Subdues a Violent Baron

question 15

Short Answer

Review the feature entitled "Louis VI Subdues a Violent Baron" in this chapter.What is the Church's role in this account?

---

Definitions:

Retained Earnings Account

An equity account that represents the accumulated portion of net income that a company has decided to keep and reinvest in the business rather than distribute to shareholders as dividends.

Permanent Account Balances

Permanent account balances are those balances in accounts that are carried over into the next accounting period, including assets, liabilities, and equity accounts.

Post-closing Trial Balance

A listing of all permanent accounts and their balances after closing entries have been made, serving as a check to ensure that debits equal credits.

Accounting Period

A specific time frame for which financial information is reported, usually a fiscal year or quarter.