Which of the Following Is True About Closing the Books

question 7

Multiple Choice

Which of the following is true 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.

---

Definitions:

Segments

Portions or sections of an object or entity that are distinct from each other, often used in reference to parts of organisms or structures.

Correct Phylum

The accurate classification of an organism within the biological hierarchy based on shared characteristics or traits, ensuring proper identification and understanding of its evolutionary relationships.

Trichina Worms

Parasitic roundworms of the genus Trichinella that can infect humans and other mammals through consumption of undercooked contaminated meat.

Organism

A living entity made up of one or more cells that is capable of growing, reproducing, responding to its environment, and, in many cases, moving.