The First Step in the Closing Process Is to Close

question 15

Multiple Choice

The first step in the closing process is to close

• A) the drawing account.
• B) the capital account.
• C) the revenue accounts.
• D) the expense accounts.

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Definitions:

Critical Assessment

The process of evaluating or analyzing something in detail, focusing on its merits and demerits.

Recording Information

The act or process of documenting or capturing data, observations, or events for future reference or analysis.

Efficiently

Achieving maximum productivity with minimal wasted effort or expense.

Effectively

In a manner that produces the intended result or a successful outcome, often implying efficiency and competence.