Which of the Following Accounts Is Not Closed During the Closing

question 207

Multiple Choice

Which of the following accounts is not closed during the closing procedure?

• A) Income Summary
• B) Commissions Earned
• C) Retained Earnings
• D) Dividends

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Definitions:

Consumer Cooperative

A business owned and operated by the consumers it serves, where benefits and profits are distributed among the members.

Contractual System

A method of organization involving formal agreements between parties that specify the roles, responsibilities, and conditions of a business relationship.

Independent Retailer

An independent retailer is a business that is privately owned and operated, not part of a larger chain or franchise, offering a range of products or services to its customers.

Retail Ownership

The possession and control of a retail business, which involves selling goods directly to consumers.