At the End of the Accounting Period, the Balances of the Revenue

question 82

Short Answer

At the end of the accounting period, the balances of the revenue and expense accounts are transferred to the ________ account.

---

Definitions:

Ratifies

To formally approve or confirm something, often an agreement or treaty, making it officially valid.

Authority

The capability or entitlement to direct, determine outcomes, and mandate adherence.

Contract

A contract recognized and upheld by law, which involves two or more parties entering into an agreement with legal obligations.

Power of Attorney

A legal document that allows one person to act on another's behalf, often in financial or health-related matters.