________ Entries Transfer Net Income or Net Loss and Dividends

question 120

Multiple Choice

________ entries transfer net income or net loss and dividends to the Retained Earnings account.

• A)Adjusting
• B)Closing
• C)General
• D)Timely

Grasp the significance of employment relationships and the role of HRM in fostering positive employee relations.

Recognize the impact of organizational strategies on human resource practices.

Understand the role of HRM in career development, retirement, and addressing employee apprehensions.

Grasp the concept of job fit and its importance in employee and organizational performance.

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Definitions:

Average Tax Rate

The portion of total income that is paid as tax, calculated by dividing the total amount of taxes paid by the taxpayer’s total income.

Tax Liability

The total amount of tax that an individual or entity is legally obligated to pay to a taxing authority.

Regressive

Pertains to a situation or policy that has a disproportionately greater impact on those with lower income or status.

Excise Tax

A tax imposed on the sale or manufacture of specific goods, such as alcohol and tobacco, within a country.