Examlex
Which of the following statements are true?
Closing Process
The closing process involves finalizing accounts at the end of an accounting period, transferring net income and dividend information to retained earnings, and preparing the accounts for the next period.
Owner's Capital
The total value of assets contributed by the owner of a business plus the retained earnings.
Owner's Drawings
Withdrawals of a business's cash or other assets by the owner for personal use.
Expense Accounts
Accounts used to record business expenses, which reduce net income in the profit and loss statement.
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