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:

Economic Harm

Financial or monetary damage suffered by an individual, organization, or economy due to certain actions, events, or policies.

Pecuniary Harm

Financial damage suffered by an individual or entity, referring to actual losses of money or property.

Economic Loss

A financial deficit suffered by a person or entity, often measured as the difference between actual earnings and expected earnings.

Trespass to Real Property

An unlawful entry onto land by a person without the permission of the owner, resulting in a legal violation.