Multiple Choice
Which accounts should be closed?
A) Expenses and revenues.
B) Dividends.
C) Income summary.
D) Each of the above accounts should be closed.
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q23: If sales are $270,000,expenses are $220,000 and
Q42: The income summary account appears, as stated,
Q44: Dividends declared are an expense and reduce
Q46: An after-closing trial balance consists only of
Q48: Interim financial statements usually report on a
Q50: The amount of profit (or loss) will
Q64: Of the following,which is not an alternative
Q80: The purpose of the after-closing trial balance
Q89: Indicate which of the following accounts will
Q124: Dividends are closed out directly to retained