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:

Restraints Against Trade

Actions or regulations that restrict, limit, or impede the free flow of trade and competition in the market.

Different Levels

Different levels refer to varying degrees or stages in a hierarchy, system, or classification.

Vertical

Relating to a structure or position that is straight up and down, in alignment with the direction of gravity.

Horizontal Restraint

involves agreements among competitors operating at the same level of the market or supply chain to limit competition or manipulate market conditions.