The Special Account Used Only in the Closing Process to Temporarily

question 23

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 owner's capital 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:

State Appellate Courts

Intermediate courts in the U.S. legal system that review and rule on appeals from lower court decisions.

Written Decisions

Official documents from a court outlining the judgement and reasoning of a case's outcome, serving as a record for future reference.

Chronologically

In a time sequence, naming or listing events in the time order in which they occurred.

State Trial Court Decisions

Judgments made by the lowest level of the state court system where trials are held to determine the outcome of legal disputes.