The Second Step in the Closing Process Is to Close

question 44

Multiple Choice

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

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

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Definitions:

Triangular Theory of Love

Theory that all loving relationships can be described according to three dimensions: intimacy, commitment, and passion.

Intimacy

A deep, personal connection characterized by emotional closeness, trust, and mutual understanding between individuals.

Commitment

The state or quality of being dedicated to a cause, activity, or significant other.

Initiation Norm

A social or cultural rule that governs how and when new activities or actions are begun within group or societal contexts.