Two Types of Closing Journal Entries Are Posted to Retained

question 15

Multiple Choice

Two types of closing journal entries are posted to retained earnings at year-end.These are entries to:

• A)transfer revenues and expenses to retained earnings.
• B)transfer assets and liabilities to retained earnings.
• C)transfer net income (or loss)and dividends declared to retained earnings.
• D)close permanent and temporary accounts.

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Definitions:

Grapevine

An informal communication channel within an organization, where information is spread quickly among employees without official sanction.

Word Of Mouth

The process of passing information from person to person by oral communication, especially recommendations and experiences.

Grapevine

An informal communication network within an organization, often responsible for the spread of rumors and unofficial information.

Source Of Power And Influence

Describes the basis of an individual's or group's ability to control or guide the behavior of others, which can originate from various sources such as positional authority, expertise, or social relationships.