The First Step in the Closing Process Is To

question 32

Multiple Choice

The first step in the closing process is to:

• A) close all balances on the income statement debit column of the worksheet except Income Summary.
• B) transfer the balance from the Income Summary Account to the Capital Account.
• C) close all balances on the income statement credit column of the worksheet except Income Summary.
• D) transfer the balance of the Owner's Withdrawals Account to Capital.

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Definitions:

David Wilmot

A U.S. politician known for the Wilmot Proviso, an unsuccessful proposal aimed at banning slavery in territory acquired from Mexico.

Prohibit Slavery

To officially ban or forbid the practice of slavery, making it illegal to own, buy, or sell humans as property.

Revolutions

Significant changes or transformations within societies, often characterized by political, social, or economic upheaval, and sometimes involving conflict.

Monarchies

A form of government with a monarch at the head, where the position is usually inherited and held for life, ranging from absolute monarchies, where the monarch has wide powers, to constitutional monarchies, where their role is ceremonial.