The First Step in the Closing Process Is to Close

question 89

Multiple Choice

The first step in the closing process is to close:

• A)the capital account.
• B)the expense account(s).
• C)the drawing account.
• D)the revenue account(s).

---

Definitions:

Finished Goods

Products that have completed the manufacturing process and are ready to be sold to customers.

Custom Designed

Refers to products or solutions specifically crafted to meet the unique requirements or specifications of a customer.

Raw Materials

Basic materials that are used in the initial stages of production and manufacturing processes.

Invoice

Bill for goods or services provided by the seller to the purchaser.