Closing Entries Transfer the Balances of Revenue,expense,and Dividends Accounts to Which

question 122

Multiple Choice

Closing entries transfer the balances of revenue,expense,and dividends accounts to which account?

• A) Share Capital
• B) Net Income
• C) Common Shares
• D) Retained Earnings

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Definitions:

Actual Output

The real quantity of goods or services produced by a business during a specific period, as opposed to planned or potential output.

Materials Price Variance

The difference between the actual cost of materials used in production and the standard cost of materials that were expected to be used.

February

The second month of the year in the Gregorian calendar, known for having 28 days in common years and 29 days in leap years.

Variable Overhead Efficiency Variance

A measure of the efficiency in which variable overheads are used, calculated by comparing the standard cost of variable overhead for actual production to the actual variable overhead incurred.