Extensible Markup Language (XML)is

question 16

Multiple Choice

Extensible Markup Language (XML) is:

• A) a scripting language that allows the creation of customized tags to enable easier sharing of data across organizations.
• B) a database language.
• C) a product used for database middleware.
• D) none of the above.

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Definitions:

Retained Earnings

The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders. Often reinvested in the business or used to pay off debt.

Income Summary Account

An account used to transfer the balances of temporary accounts to a permanent account at the end of an accounting period, summarizing revenue and expenses.

Closing Process

The procedure at the end of an accounting period where income and expense accounts are cleared out to start the new period with a zero balance.

Revenues and Expenses

Pertains to the income generated from normal business operations and the costs incurred to generate that income, crucial for determining net profit.