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:

CLV System

Customer Lifetime Value system, a metric that estimates the total revenue a business can expect from a single customer account throughout the business relationship.

FAB Method

A sales technique that focuses on features, advantages, and benefits of a product or service to the customer.

CRM Systems

Customer Relationship Management systems; technology platforms that help businesses manage communications and relationships with current and potential customers.

Analytics

The systematic computational analysis of data or statistics to identify patterns, trends, or insights.