Revenues and Expenses Are Closed To

question 214

Multiple Choice

Revenues and expenses are closed to:

• A)Cash.
• B)Net Income.
• C)Dividends.
• D)Retained Earnings.

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Definitions:

Breach of Contract

The failure to perform any term of a contract, written or oral, without a legitimate legal excuse.

Caveat Emptor

A legal principle that the buyer assumes the risk of quality in a purchase unless protected by warranty.

Sale of Goods Act

Legislation governing the sale of goods, including provisions on the formation of contracts, descriptions of goods, quality, and return policies.

Organically Grown

Refers to food produced without the use of synthetic pesticides, fertilizers, and other non-natural methods.