There Are Four Closing Entries

question 51

Multiple Choice

There are four closing entries. The first one is to close ____, the second one is to close ____, the third one is to close ____, and the last one is to close ____.

• A) revenues, expenses, income summary, dividends
• B) expenses, assets, income summary, capital stock
• C) retained earnings, dividends, income summary, assets
• D) dividends, income summary, expenses, revenues

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Definitions:

Nonpoint Source

Pollution that cannot be traced back to a single source or location, often resulting from runoff that collects pollutants from widespread areas.

Pesticides

Chemical agents used to kill or control pests that damage crops and spread diseases, including insecticides, herbicides, and fungicides.

Fertilizer Runoff

The movement of water-soluble components of fertilizer from agricultural lands to nearby water bodies, potentially causing nutrient pollution and algal blooms.

Smokestack

A large, tall chimney through which combustion gases and smoke are discharged, commonly seen in industrial plants and ships.