The Special Account Used Only in the Closing Process to Temporarily

question 237

Multiple Choice

The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:

• A)Income Summary account.
• B)Closing account.
• C)Balance column account.
• D)Contra account.
• E)Nominal account.

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Definitions:

Variability

The degree to which data points in a dataset differ from each other and from their mean, indicating the dispersion or spread.

Scores

Quantitative values or measurements used to evaluate or assess someone or something's performance or status.

Negatively Skewed

A distribution of data where most values cluster at the high end with a tail extending to the low end, indicating that the median is greater than the mean.

Positively Skewed

A distribution of data where more values fall on the left-hand side of the distribution, making the tail on the right longer or fatter.