Which of the Following Is a True Statement About Closing

question 24

Multiple Choice

Which of the following is a true statement about closing the books of a corporation?

• A) Expenses are closed to the Expense Summary account.
• B) Only revenues are closed to the Income Summary account.
• C) Revenues and expenses are closed to the Income Summary account.
• D) Revenues, expenses, and the dividends account are closed to the Income Summary account.

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Definitions:

Maintaining Beliefs

The act of persistently holding onto one's values, principles, or opinions despite challenges or contradictions.

Influence Tactic

A strategy designed to sway or change others' beliefs, attitudes, or behaviors.

Consistency

The adherence to the same principles, course, or form in actions, behavior, or results, contributing to reliability and predictability.

Social Commerce

The integration of online social networks with e-commerce transactions, enabling the buying and selling of products directly on social media platforms.