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.

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Definitions:

Rapid Growth

A phase of accelerated increase in size, typically seen in children and adolescents, as well as in the economy or other organizations under certain conditions.

Emotionally Healthy Adults

Individuals who display mature emotional responses, have a strong sense of self, and can manage their emotions effectively.

Unconscious Forces

The underlying, hidden influences originating from the unconscious mind that affect thoughts, feelings, and behaviors.

Self-Objectification

The process by which individuals view themselves primarily as objects judged based on appearance, rather than based on abilities or personality.