The Closing Process Resets ________, ________, and ________ Account Balances

question 158

Short Answer

The closing process resets ________, ________, and ________ account balances to zero at the end of each accounting period.

---

Definitions:

Recognized

Acknowledged or identified as having particular merit, status, or value within a specific context.

Perception

The process by which individuals interpret and organize sensory information to understand their environment.

Behavior

Actions, reactions, or conduct of an individual or group in response to external or internal stimuli.

Business

The practice of making one's living by engaging in commerce, trade, and services.