How Do You Close the Expense Accounts

question 114

Multiple Choice

How do you close the expense accounts?

• A) Debit Capital; credit the expense accounts
• B) Credit Capital; debit the expense accounts
• C) Credit Income Summary; debit the expense accounts
• D) Debit Income Summary; credit the expense accounts

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Definitions:

Rear Axle Half-Shafts

Part of a vehicle's drive system, transferring power from the differential to the wheels, typically found in rear-wheel or four-wheel drive vehicles.

Variable Costs

Costs that change in proportion to the level of goods or services produced.

Quantity Of Output

The measure of production volume produced by a business, sector, or economy within a specified time frame.