Two Types of Closing Journal Entries Are Posted to Retained

question 15

Multiple Choice

Two types of closing journal entries are posted to retained earnings at year-end.These are entries to:

• A)transfer revenues and expenses to retained earnings.
• B)transfer assets and liabilities to retained earnings.
• C)transfer net income (or loss)and dividends declared to retained earnings.
• D)close permanent and temporary accounts.

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Definitions:

Interpretations

The act of explaining the meaning of something; understanding or explanation of a concept, text, or action.

Socks

Clothing items worn on the feet, typically made from fabric or wool, designed to absorb moisture and provide warmth.

Higher-Order Conditioning

A form of learning in which a stimulus is first made meaningful or consequential through its association with another stimulus, and then that stimulus is used as a basis for learning about some new stimulus.

Classical Conditioning

A learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus.