In the Closing Process Which Accounts Are Closed

question 39

Multiple Choice

In the closing process which accounts are closed?

• A) All ledger accounts
• B) All asset, liability and equity accounts
• C) All income and expense accounts
• D) All accounts that have been adjusted

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Definitions:

Product

Any item or service that is created through a process and is offered to the market to satisfy a need or want.

Feasibility Determination

The process of assessing the practicality and viability of a proposed project or system.

Initial Experimentation

The preliminary phase of trying or testing new ideas, processes, or products to assess their feasibility or effectiveness.

Idea Creation

is the process of generating new, innovative concepts or solutions within a business or creative context.