The Special Account Used Only in the Closing Process to Temporarily

question 237

Multiple Choice

The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:

• A)Income Summary account.
• B)Closing account.
• C)Balance column account.
• D)Contra account.
• E)Nominal account.

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Definitions:

Bribing

The act of offering something, often money, to gain favour or influence the actions of someone in a position of power or authority.

Instrinsically Rewarding

An activity or object that is pursued for its own sake, providing innate satisfaction without the need for external reward.

Flow

The state of being in which a person becomes fully involved and engaged in the present time by some interesting, challenging, and intrinsically rewarding activity.

Educational Goals

Objectives or targets in an educational setting that students or educators aim to achieve, such as acquiring specific knowledge or skills.