Which of the Following Is a True Statement About Closing

question 231

Multiple Choice

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

• 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 owner's drawings account are closed to the Income Summary account.

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Definitions:

Marketing Ethics

The moral principles guiding marketing decisions and practices, ensuring fairness, honesty, and respect for stakeholders.

Social Responsibility

The obligation of companies to conduct their business in a way that is ethical and beneficial to society.

Ethical Climate

The moral atmosphere of the work environment and the level of ethics practiced within a company.

Firm Performance

An assessment of how well a company achieves its business objectives, often measured through financial metrics such as revenue, profit, and return on investment.