The Last Step in the Closing Procedure Closes

question 5

Multiple Choice

The last step in the closing procedure closes

• A) the Income Summary account.
• B) the Capital account.
• C) the Drawing account.
• D) the expense accounts.
• E) all liability accounts.

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Definitions:

Cohabiting Parents

Couples who live together without being married and have one or more children, either from the relationship or previous relationships.

Integrity

The quality of being honest and possessing strong moral principles; moral uprightness.

Erikson

A psychologist known for his theory on the psychosocial development of human beings.

Death

The cessation of all biological functions that sustain a living organism, marking the end of life.