There Are Four Closing Entries

question 111

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, drawing account
• B) Expenses, assets, income summary, capital account
• C) Capital account, drawing account, income summary, assets
• D) Drawing account, income summary, expenses, revenues

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Definitions:

Feedback Step

A stage in a process or system where information is provided regarding the outcomes of actions or performance, often for the purpose of improvement.

Career Management Process

Involves planning and taking actions towards achieving career goals. It includes self-assessment, setting career objectives, skill development, and networking.

Skills Development

The process of identifying, learning, and refining abilities and competencies in order to improve job performance or pursue new opportunities.

Glass Ceiling

An invisible barrier that prevents certain groups, often women and minorities, from advancing beyond a certain level in a hierarchy.