Revenues and Expenses Are Transferred to the ________ Account Before

question 3

Multiple Choice

Revenues and expenses are transferred to the ________ account before their final transfer into the Retained Earnings account.

• A)Net Income
• B)Income Summary
• C)Owner,Withdrawals
• D)Assets

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Definitions:

Sarbanes-Oxley Act

A U.S. federal law that aimed to protect investors by improving the accuracy and reliability of corporate disclosures.

Independent Directors

Members of a company's board of directors who do not have a material or pecuniary relationship with the company or related persons, ensuring unbiased governance and decision-making.

CFO

Chief Financial Officer, a senior executive responsible for managing the financial actions of a company.

Auditing Firms

Companies specializing in examining and evaluating the accuracy of financial records and statements of a corporation or entity.