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:

Downy Hair

Fine, soft hair found on the body, often covering the skin of infants and adults.

Trophoblast

The outer layer of cells surrounding a blastocyst in early development, which contributes to the placenta and provides nutrients to the embryo.

HCG

Human chorionic gonadotropin (HCG) is a hormone produced by the placenta after implantation.

Neural Tube

The embryonic precursor to the central nervous system, which includes the brain and spinal cord, formed from the folding and closure of a flat sheet of cells in the early embryo.