When Preparing the Closing Entries for a Partnership at the End

question 3

Multiple Choice

When preparing the closing entries for a partnership at the end of the accounting period which of these statements is true? Assume that capital account balances are not fixed.

• A) The drawings accounts are closed to the capital accounts.
• B) The retained earnings account is closed to the profit or loss summary account.
• C) Income and expenses are closed to the capital accounts.
• D) The profit or loss summary account is closed to the retained earnings accounts.

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Definitions:

Generalized Anxiety Disorder

An anxiety disorder in which a person is continually tense, apprehensive, and in a state of autonomic nervous system arousal.

Autism Spectrum Disorder

A developmental disorder characterized by difficulties with social interaction and communication, and by restricted and repetitive behavior.

Clinician Agreement

The level of consistency or concordance in observations, diagnoses, or treatment decisions between multiple healthcare professionals.

DSM-5 Categories

DSM-5 Categories outline a classification of mental disorders by defining diagnostic criteria and symptoms, as described in the Fifth Edition of the Diagnostic and Statistical Manual of Mental Disorders.