Answer Each of the Following Questions (A-C)with a Separate Short

question 7

Essay

Answer each of the following questions (a-c)with a separate short paragraph per question.
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(a)What is the difference between a real account and a nominal account? Give an example of each type of account.Why is this distinction important for the closing process?
(b)What two purposes are served in making closing entries?
(c)Why is the Dividends account closed directly to Retained Earnings rather than to the Income Summary account?

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Definitions:

Operational Definition

A statement of the procedures or ways in which a research variable is measured and defined in a specific study, making the variable quantifiable and observable.

Repressed Conflicts

Unconscious conflicts that stem from childhood experiences or trauma, often influencing behavior and emotions.

Conditioned

A conditioned response that develops in reaction to a previously neutral stimulus after it's linked with an unconditioned stimulus.

Evolutionary Theory

A scientific theory that explains the diversity of life on Earth through processes of natural selection and genetic variation.