Which of the following statements in relation to retained earnings is TRUE? Select one: a. Retained earnings account normally has a debit balance. b. Retained earnings account is closed at the end of the fiscal year. c. Retained earnings account normally has a credit balance. d. Retained earnings account is a nominal account.

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.