At the end of each accounting period,the dollar amounts in all the revenue and expense accounts are moved into an account called _____.

A) net earnings
B) net expense
C) interest expense
D) retained expense
E) retained earnings

Question

Michaela Fitzgerald · Accepted Answer

Final Answer : E, Explanation :  At the end of each accounting period, the dollar amounts in all the revenue and expense accounts are moved into the Retained Earnings account. This process is part of closing the books and helps to update the Retained Earnings balance to reflect the company's profit or loss for the period.

At the end of each accounting period,the dollar amounts in all the revenue and expense accounts are moved into an account called _____.

A) net earnings
B) net expense
C) interest expense
D) retained expense
E) retained earnings

Definitions

Learning Objectives

Learning Objectives

Related questions

At the end of each accounting period,the dollar amounts in all the revenue and expense accounts are moved into an account called _____.A) net earningsB) net expenseC) interest expenseD) retained expenseE) retained earnings

Definitions

Learning Objectives

Learning Objectives

Related questions

At the end of each accounting period,the dollar amounts in all the revenue and expense accounts are moved into an account called _____.

A) net earnings
B) net expense
C) interest expense
D) retained expense
E) retained earnings