Closing the Accounts Refers To

question 17

Multiple Choice

Closing the accounts refers to:

• A)Establishing zero balances in the balance sheet accounts
• B)Establishing a zero balance in the cash at bank account
• C)Establishing zero balances in all ledger accounts
• D)Transferring income and expense account balances to the profit and loss summary account,which is then closed to the equity account

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Definitions:

Customer Needs

The wants and requirements that customers expect to be fulfilled by a product or service.