Which Accounts Should Be Closed

question 47

Multiple Choice

Which accounts should be closed?

• A) Expenses and revenues.
• B) Dividends.
• C) Income summary.
• D) Each of the above accounts should be closed.

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Definitions:

Verbal Offer

An offer made orally, rather than in writing, typically in contexts of negotiation, sales, or employment arrangements.

Silence

The absence of any sound or noise; in legal terms, it may refer to the situation where a party's failure to speak or act is interpreted as consent or agreement.

Consumer Protection Legislation

Laws designed to safeguard the rights and interests of consumers by regulating trade practices and ensuring fair transactions.

Legal Relationship

A bond or connection established between entities or individuals by the force of law, encompassing various forms such as contractual, familial, or corporate ties.