The Special Account Used Only in the Closing Process to Temporarily

question 34

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 owner's capital account is the:

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

---

Definitions:

Twitter And Facebook

Popular social networking platforms that allow users to post updates, share content, and communicate with others.

Boss

A person who is in charge of a worker or organization.

Self-Centered Message

Communication that focuses primarily on the needs, concerns, or interests of the speaker rather than considering the perspective of the audience.

Communication Barriers

Obstacles or challenges that impede effective communication and understanding between individuals.