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:

Occupational Hierarchy

The structured arrangement of jobs within an organization or society, ranked according to authority or status.

Service Sector

The segment of the economy that provides services rather than tangible goods, including industries like healthcare, education, and finance.

Official Statistics

Quantitative data produced and published by governmental statistical offices, covering various aspects of the economy, society, and environment.

Part-time Workers

Individuals who are employed and work fewer hours than the full-time requirement, typically less than 35 hours a week.