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QUESTION 1 Every adjustment entry affects: at least one permanent account and one temporary account. only a permanent account. only a temporary account. only a revenue account. QUESTION 2 The owner of a corporation is called a: partner. stockholder. O director. O manager. . QUESTION 3 When a corporation is owned by a few persons or by a family, it is called a: closely held corporation. publicly held corporation. partnership sole proprietorship. QUESTION 4 A distribution of cash to stockholders of a publicly held corporation is called: net profit. dividend. revenue. interest. QUESTION 5 The process of preparing and closing the accounts of an organization for an accounting period is called a/an: journal entry. posting entry. adjusting entry. closing entry