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:

Large-scale Social Structures

The overarching frameworks and institutions that shape societies, including economies, political systems, and social norms, influencing individual and group interaction.

Institutions

Established organizations or foundational systems within a society that dictate and regulate patterns of behavior or norms, such as legal or educational systems.

Actors

Individuals or entities that take action or play a role in a particular process, system, or context, contributing to its dynamics.

High Rank Positions

Positions of authority or status within an organization that carry significant responsibility and influence.