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:

Customer Cost Analysis

The process of identifying all the costs associated with acquiring and maintaining customers to assess profitability.

Time-Driven Activity-Based Costing

A costing method that calculates costs based on the actual time activities take and the cost of supplying resources to these activities.

Customer Support Department

A specialized team within a company tasked with addressing customer inquiries, problems, and needs, aiming to enhance customer satisfaction and loyalty.

Customer Cost Analysis

An evaluation of all the costs involved in acquiring and retaining customers, used to determine the profitability of customer relationships.