When Closing the Accounts at the End of the Period,which

question 82

Multiple Choice

When closing the accounts at the end of the period,which of the following is closed directly into the Retained Earnings account?

• A)Depreciation Expense.
• B)Accumulated Depreciation.
• C)Revenue and liability accounts.
• D)The Income Summary account.

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Definitions:

Current Assets

Assets that a company expects to convert into cash within one year or one business cycle, whichever is longer.

Operating Plan

A short- to intermediate-term business plan addressing a firm’s methods and goals over the period covered. Most companies have an annual operating plan.

Financial Projections

Estimates of a company's future revenues, expenses, cash flow, and financial performance, often used for budgeting and strategic planning.

Strategic Issues

Fundamental challenges or critical decisions that affect the overall direction and competitiveness of a business.