Closing the temporary accounts at the end of each accounting period does all of the following except:

A. Brings the revenue and expense accounts to zero balances.
B. Has no effect on the retained earnings account.
C. Prepares the dividends account for use in the next period.
D. Serves to transfer the effects of these accounts to the retained earnings account on the balance sheet.
E. Causes retained earnings to reflect increases from revenues and decreases from expenses and dividends.


Answer: B

Business

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U.S. GAAP, IFRS, and other major accounting standards are best characterized as

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Indicate whether the statement is true or false

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Which of the following is when storming occurs and the team performance may actually decline for an extended period of time?

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