The Most Efficient Way to Accomplish Closing Entries Is to

question 133

Multiple Choice

The most efficient way to accomplish closing entries is to

• A) credit the income summary account for each revenue account balance.
• B) debit the income summary account for each expense account balance.
• C) credit the dividends balance directly to the income summary account.
• D) credit the income summary account for total revenues and debit the income summary account for total expenses.

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Definitions:

Tyrannical

Exercising power in a cruel or arbitrary way; often associated with dictatorial leadership.

Stanley Milgram

Stanley Milgram was a psychologist best known for his landmark experiments on obedience to authority figures, conducted in the 1960s.

Obedience

The act of following orders or directions from an authority figure without question.

Learner

An individual engaged in acquiring knowledge, skills, attitudes, or competencies from study, instruction, or experience.