The First Step in the Closing Process Is to Close

question 69

Multiple Choice

The first step in the closing process is to close the _____________ account(s) into the ___________ account(s) .

• A) revenue, net income
• B) income summary, revenue
• C) expense, net income
• D) revenue, income summary

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Definitions:

Opportunism

The practice of taking advantage of situations with little regard for principles or consequences, often to gain personal benefits.

Middle-Of-The-Road Management

A management style that compromises between task-oriented and employee-oriented leadership, striving to balance concern for productivity and worker satisfaction.

Maternalism

Refers to attitudes or actions that are protective and nurturing, often in a way that asserts authority or control.

Team Management

The process of directing and controlling a group of individuals towards achieving a common objective or project goal.