The Entries That Transfer the Revenue, Expense, and Dividends Balances

question 173

Multiple Choice

The entries that transfer the revenue, expense, and dividends balances to the Retained Earnings account to prepare the company's books for the next period are called ________ entries.

• A) closing
• B) opening
• C) adjusting
• D) end of period

Recognize the importance and limitations of diversity training in addressing structural racism.

Distinguish between direct and indirect, as well as individual and institutional, change methods.

Acknowledge the role and impact of multiracial social movements in the United States.

Understand how interracial relationships and personal changes can contribute to, but are not solely responsible for, racial progress.

---

Definitions:

Liabilities

Obligations owed by a company to third parties, such as loans, accounts payable, or mortgages, expected to be paid or settled.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities.

Total Liabilities

The aggregate of all debts and financial obligations owed by a company to external entities at any point in time.

Owner's Equity

The residual interest in the assets of a business after deducting its liabilities, representing the owner's claim against the company's assets.