The Special Account Used Only in the Closing Process to Temporarily

question 237

Multiple Choice

The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:

• A)Income Summary account.
• B)Closing account.
• C)Balance column account.
• D)Contra account.
• E)Nominal account.

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Definitions:

Workforce

The group of people engaged in or available for work, either in a country or organization, including both employees and the potential labor pool.

Collaboration

The action of working with someone to produce or create something, emphasizing teamwork and collective effort.

Interpersonal Communication

The direct, face-to-face communication between two or more individuals.

Nonverbal Communication

The conveyance of messages or information through means other than spoken or written words, such as gestures, facial expressions, and body language.