Use the Following Account Balances from the Adjusted Trial Balance

question 54

Multiple Choice

Use the following account balances from the adjusted trial balance columns of Goody Chocolate's
Worksheet to answer below question.

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Using the adjusted trial balance above, select the correct closing entry that Goody Chocolate would make to close their revenue accounts (and other temporary income statement accounts with credit balances) at the end of the accounting period.

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Definitions:

Job Control Unionism

A unionism approach focused on managing aspects of work such as hiring, promotions, layoffs, and work rules through collective bargaining.

Worker Control

A form of workplace governance in which employees have a direct say in the management and operational decisions of the organization.

Decision-Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Scientific Management

A management theory developed by Frederick Taylor aiming to improve economic efficiency and labor productivity through systematic study and analysis of workflow.