The Entry to Close Expense Account(s)includes A

question 60

Multiple Choice

The entry to close expense account(s) includes a:

• A)debit to the expense accounts.
• B)credit to the expense accounts.
• C)credit to Retained Earnings.
• D)debit to Dividends.

---

Definitions:

IFRS

International Financial Reporting Standards, which are designed to bring consistency to accounting language, practices, and statements on a global scale.

Expected Loss

An estimated amount a company anticipates losing due to credit risk or other potential business risks.

Lawsuit

A legal action taken by one person or entity against another person or entity, typically in a court of law, over a dispute.

Financial Statements

Structured reports detailing the financial performance, position, and cash flows of a business, serving as a primary source of financial information.