Which of the Following Financial Statement Elements Is Closed at the End

question 48

Multiple Choice

Which of the following financial statement elements is closed at the end of an accounting cycle?

• A)Liabilities
• B)Common stock
• C)Assets
• D)Revenues

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Definitions:

Structure

The arrangement or organization of interrelated elements in a material object or system, often referring to the way parts are positioned and interact within a whole.

Formalization

The extent to which rules, procedures, protocols, and guidelines are written and explicitly enforced within an organization.

Organizational Size

A measure of a company based on factors such as the number of employees, total sales, or market capitalization.

Spans Of Control

Refers to the number of subordinates directly supervised by a manager, affecting the complexity and effectiveness of management.