Which of the Following Is a True Statement About Closing

question 98

Multiple Choice

Which of the following is a true statement 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:

Memory Gaps

Instances where an individual cannot recall information; often due to factors like stress, trauma, or neurological issues.

Guesses

Estimations or predictions made without sufficient information or evidence.

Misinformation Effect

The phenomenon whereby memories become distorted by exposure to misleading information after an event has occurred.

Memory Construction

The process by which the brain creates memories, not just by recalling but also by piecing together various fragments of information.