What Is the First Step in the Closing Process

question 88

Multiple Choice

What is the first step in the closing process?

• A)Close the expense accounts to 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:

Osteoporosis

A condition characterized by decreased bone mass and density, leading to an increased risk of fractures.

Calcitonin

A substance secreted by the thyroid gland that assists in controlling blood calcium levels by preventing the breakdown of bone.

Endocrine System

A network of glands in the body that secretes hormones directly into the bloodstream to regulate various bodily functions such as growth, metabolism, and reproduction.

Osteoporosis

Osteoporosis is a condition characterized by weakened bones, increasing the risk of fractures, often due to age-related or hormonal factors.