The Entry to Close Expense Account(s)

question 30

Multiple Choice

The entry to close expense account(s) :

• A)increases total assets.
• B)decreases total assets.
• C)decreases retained earnings.
• D)increases retained earnings.

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Definitions:

Virtuous Circle

What occurs when socially responsible behaviour improves financial performance, which leads to more responsible behaviour in the future.

CSR

Corporate Social Responsibility, a business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Socially Responsible Behaviour

Actions by individuals or organizations that contribute to the welfare of society and the environment.

Virtuous Circle

A sequence of events where each one positively influences the next, leading to continuous improvement or beneficial results.