Closing the Revenue, Expense, and Dividend Accounts

question 94

Multiple Choice

Closing the revenue, expense, and dividend accounts:

• A)yields the amount of net income or net loss for the period.
• B)yields the change in Retained Earnings for the period.
• C)yields the change in the permanent accounts for the period.
• D)yields the final balance in Stockholders' Equity for the period.

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Definitions:

Employees

Individuals who are hired by a business or organization to perform specific duties in exchange for compensation.

Attribution Theory

A theory that explains how individuals infer the causes of their own and others' behaviors and events.

Selective Attention

The focusing of conscious awareness on a particular stimulus while ignoring others, essential in processing information efficiently.

Self-fulfilling Prophecy

A psychological phenomenon in which a person's or group's belief or expectation brings about its own realization or outcome.