Transferring net revenue and expense account balances to retained earnings for the period is referred to as closing the books.
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Q1: Income statement is a record of a
Q2: Net income refers to profit earned or
Q3: Marketing and distributing expenses are examples of
Q4: Bookkeeping is the clerical function of recording
Q5: According to the double-entry bookkeeping method,the accounting
Q7: Most companies in the United States use
Q8: Cash basis is an accounting method in
Q9: According to generally accepted accounting principles (GAAP),earnings
Q10: Financial accounting is concerned with preparing cost
Q11: Owners' equity refers to the total assets
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