How Do You Close the Expense Accounts

question 114

Multiple Choice

How do you close the expense accounts?

• A) Debit Capital; credit the expense accounts
• B) Credit Capital; debit the expense accounts
• C) Credit Income Summary; debit the expense accounts
• D) Debit Income Summary; credit the expense accounts

---

Definitions:

Basaltic Lava

A type of molten rock that emerges from volcanoes or fissures on the Earth's surface, known for its low viscosity due to low silica content.

Catastrophic Melting

Rapid melting of ice or snow, often due to volcanic activity or sudden climate change, that can lead to significant water flow or flooding.

Pyroclastic Flow

A fast-moving current of hot gas and volcanic materials (ash, lava fragments) that flows down the sides of a volcano during an explosive eruption.

Lahar

A mudflow mostly composed of volcanic-derived materials and generally formed on the flank of a volcano.