Which of the Following Financial Statement Elements Is Closed at the End

question 48

Multiple Choice

Which of the following financial statement elements is closed at the end of an accounting cycle?

• A)Liabilities
• B)Common stock
• C)Assets
• D)Revenues

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Definitions:

Enacted Norms

Socially accepted behaviors or standards that are established through action and practice within a group or society.

Social Structure

The organized pattern of social relationships and social institutions that together compose society.

North American Market

Refers to the economic and consumer markets in North America, typically encompassing the United States, Canada, and Mexico.

China

A country in East Asia, the world's most populous nation, with a rich history, diverse cultures, and a rapidly growing economy.