What Account Are the Net Revenues and Expenses Transferred to at the End

question 55

Multiple Choice

What account are the net revenues and expenses transferred to at the end of the accounting cycle?

• A) Comprehensive Income
• B) Retained Earnings
• C) Accumulated Other Comprehensive Income
• D) Share Capital

---

Definitions:

Receivables

Amounts due from customers to a company for goods delivered or services rendered, awaiting payment.

Inventory Turnover

A ratio showing how many times a company has sold and replaced inventory over a certain period of time, indicating the efficiency of inventory management.

Financing Costs

Expenses associated with raising capital through debt or equity.

Obsolescence

The process of becoming outdated or no longer used, often due to technological advances.