Which of the Following Is a True Statement About Closing

question 42

Multiple Choice

Which of the following is a true statement about closing the books of a proprietorship?

• A) Expenses are closed to the owner's drawings account.
• B) Only revenues are closed to the Income Summary account.
• C) Only revenues and expenses are closed to the Income Summary account.
• D) Revenues, expenses, and the owner's drawings account are closed to the Income Summary account.

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Definitions:

Observable Behaviors

Actions or reactions that can be noticed and measured through observation.

Diagnoses

The process of identifying and determining the nature of a disease or disorder by its signs and symptoms, often involving various diagnostic tests.

Psychological Disorders

Mental disorders characterized by significant disturbances in thought patterns, emotions, or behaviors, leading to distress or impaired functioning.

Diagnostic Labels

Designations used in healthcare to identify and categorize mental health disorders, medical conditions, or diseases based on symptoms, behaviors, and diagnostic tests.