What Is the Correct Sequence for Closing the Temporary Accounts

question 53

Multiple Choice

What is the correct sequence for closing the temporary accounts?

• A) revenue accounts,expense accounts,Income Summary,drawing account
• B) expense accounts,revenue accounts,Income Summary,drawing account
• C) revenue accounts,expense accounts,drawing account,Income Summary
• D) drawing account,revenue accounts,expense accounts,Income Summary

---

Definitions:

Collective Brainstorm

A group technique for solving problems, generating ideas, or fostering creativity by tapping into the collective thinking of the participants.

Synergistic Group Effect

Describes a phenomenon where the collective output of a group is greater than the sum of the outputs of individual members, due to effective collaboration and leveraging diverse skills.

Confidentiality Agreements

Legal contracts that bind parties to not disclose privileged or sensitive information shared during research or professional engagements.

Legal Recourse

The right to seek or achieve a remedy or relief through legal actions or proceedings.