The Process of Transferring Revenue and Expense Accounts to the Profit

question 24

Multiple Choice

The process of transferring revenue and expense accounts to the profit and loss account, and then transferring the balance of the profit and loss account and drawing account to the capital account is:

• A)creating the trial balance.
• B)creating the profit and loss statement.
• C)balancing the accounts.
• D)closing off the accounts.

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Definitions:

Upward Social Comparison

The process by which individuals compare themselves to others who are perceived to be better off or superior in some way.

Downward Social Comparison

Downward social comparison is a process where individuals compare themselves to others who are less well off in order to feel better about their own situation.

Self-Esteem

An individual's subjective evaluation of their own worth, encompassing beliefs and emotions about oneself.

Proximity

The physical closeness between people, places, or objects, often influencing interactions and relationships.