The St John's Harbour Atlantic Canada Action Program (ACAP) Was Successful

question 17

Multiple Choice

The St. John's Harbour Atlantic Canada Action Program (ACAP) was successful in ________.

• A) convincing cruise ships to visit St. John's
• B) ending the killing of seals in the harbour
• C) stopping oil drilling in the harbour
• D) convincing governments to finance a sewage treatment plant

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Definitions:

Temporary Account Balances

Accounts that are closed at the end of each accounting period, including revenues, expenses, and dividends accounts.

Net Income

The net gain a company achieves after all operational costs and taxes are removed from its entire revenue.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts, thereby preparing the books for the next period.

Revenue Account

An account in financial accounting used to record income generated by a company's ordinary activities.