During the Closing Process

question 9

Multiple Choice

During the closing process:

• A)All income statement accounts are credited to income summary.
• B)All income statement accounts are debited to income summary.
• C)All revenue accounts are credited and expense accounts are debited.
• D)All revenue accounts are debited and expense accounts are credited.

---

Definitions:

Capital

Financial assets or the financial value of assets, such as cash and buildings, used by a business to produce goods or services.

Industrial Development

The process of establishing and growing industries in a region, often leading to economic growth and societal changes.

Trust Organization

An arrangement whereby assets are managed by one party for the benefit of another, often used in business to monopolize industries and markets.

Textiles

Materials or fabrics made from weaving, knitting, or felting fibers, used in the production of clothing, furniture, and other goods.