Temporary Accounts Are Closed at What Stage of the Accounting

question 156

Multiple Choice

Temporary accounts are closed at what stage of the accounting process?

• A)At the time that adjustments are made.
• B)After adjustments are made and before the income statement is prepared.
• C)After the income statement and the statement of retained earnings are prepared,but before the balance sheet is prepared.
• D)As the last journal entries at the end of each accounting year.

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