Which of the Following Is the Last Step in the Procedure

question 51

Multiple Choice

Which of the following is the last step in the procedure of closing accounts at the end of a fiscal period?

• A) Close the expense account(s) into Income Summary.
• B) Close the drawing account into the capital account.
• C) Close the revenue account(s) into Income Summary.
• D) Close the income summary account into the capital account.

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Definitions:

Fraud

A deliberate deception practiced to secure unfair or unlawful gain, often involving financial transactions.

Physical Harm

Injury or damage to the body of a person, which can result from accidents, violence, or other physical impact.

Below-Market Price

A price for goods or services that is lower than the current market rate or the value typically expected for similar items under normal market conditions.

Duress

A condition where an individual is forced or coerced into acting against their will or making decisions under pressure or threat.