The Most Efficient Way to Accomplish Closing Entries Is to

question 12

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 owner's drawings 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.

---

Definitions:

Dissociative Fugues

A seldom-seen mental disorder defined by ephemeral forgetfulness of personal identity, covering memories, personality traits, and various unique identifiers.

Continuous Amnesia

A form of amnesia where the individual continuously loses the ability to form new memories, leading to an inability to recall recent events.

Organic Amnesia

A form of amnesia that results from a physical injury to the brain or from exposure to a toxic substance, which affects memory formation or retrieval.

Localized Amnesia

A form of amnesia affecting the memory for information about specific events or periods in a person's life.