GB 518 RANK Let's Do This /gb518rank.com GB 518 RANK Let's Do This /gb518rank.com | Page 11

Reports the effect of profit and dividends
on retained earnings
Question 20. Question :
The special account used only in
the closing process to temporarily hold the amounts of revenues
and expenses before the net difference is added to (or subtracted
from) the retained earnings account is the:
Income Summary account
Closing account
Balance column account
Contra account
Question 21. Question :
The difference between the cost
of an asset and the accumulated depreciation for that asset is
called
Depreciation Expense
Unearned Depreciation
Prepaid Depreciation
Depreciation Value
Book Value