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:

Extrinsic Motivation

Motivation that is driven by external rewards such as money, fame, grades, or praise, in contrast to intrinsic motivation, which is driven by personal satisfaction or interest.

Extrinsic Motivation

Encouragement stemming from external factors including wealth, recognition, scores, and compliments.

Intrinsic Motivation

The drive to perform an activity for its inherent satisfaction or pleasure, rather than for some separable consequence.

Organismic Needs

Fundamental human needs identified in various psychological theories that are innate and drive behavior, such as physiological, safety, love, and esteem needs.