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:

Retrieval Cues

Triggers or stimuli that help in the recall of memories stored in the brain.

Memory Consolidation

the process by which temporary, short-term memories are transformed into more stable, long-term memories.

Déjà Vu

The eerie sensation that an experience currently being experienced has already been experienced in the past.

Mnemonic Device

A learning technique that aids information retention by associating complex information with simple, memorable constructs.