The Third Step in the Closing Process Is to Transfer

question 79

Multiple Choice

The third step in the closing process is to transfer the balance in which of the following accounts to the permanent owner's equity account?

• A) Revenue
• B) Expense
• C) Income Summary
• D) Owner's Capital

---

Definitions:

Management Paradigm

A set of principles and practices that guide how an organization is managed, influencing approaches to leadership, decision-making, and organizational culture.

Scientific Management

An approach to management that analyzes and synthesizes workflows, aiming to improve economic efficiency, especially labor productivity, through scientific methods.

Mass Manufacturing

The production of large quantities of standardized products, often utilizing assembly lines and automation to achieve efficiency and economies of scale.

Shift Workers

Employees who work schedules outside the traditional 9-5 working hours, often including evenings, nights, or rotating shifts.