In the Closing Process,______ Are Zeroed Out by Crediting Each

question 36

Multiple Choice

In the closing process,______ are zeroed out by crediting each account and ______ are zeroed out by debiting each account.

• A) expenses and dividends; revenues
• B) revenues; expenses and dividends
• C) dividends; revenues and expenses
• D) assets; liabilities

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Definitions:

US$

U.S. dollars (US$) is the currency of the United States of America and is one of the most widely used currencies in the world for both international and domestic transactions.

Exchange Rate-Adjusted

Referring to prices, earnings, or other financial metrics that have been modified to reflect changes in the currency exchange rate.

One-Gallon Jug

A container with a capacity of one gallon, used to hold liquids.

Exchange Rate

The cost of converting one currency into another currency.