After Posting the First Closing Entry to the Owner's Capital

question 71

Multiple Choice

After posting the first closing entry to the owner's capital account, the balance will be increased (decreased) by

• A) zero
• B) owner's equity
• C) revenues for the period
• D) the net income (net loss) for the period

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Definitions:

Source Misattribution

A memory error where a person is unable to remember the correct source of a memory, such as recalling a dream as an actual event.

Serial-Position Effect

The tendency for recall of the first and last items on a list to surpass recall of items in the middle of the list.

Source Misattribution

A memory error where a person is unable to remember the correct source of a memory, leading to confusion about its origin.

Consolidation

The process by which a long-term memory becomes durable and relatively stable.