Which of the following is a true statement about closing the books of a corporation?
A)Expenses are closed to the Expense Summary account.
B)Only revenues are closed to the Income Summary account.
C)Revenues and expenses are closed to the Income Summary account.
D)Revenues, expenses, and the Dividends account are closed to the Income Summary account.

Question

Quizplus · Accepted Answer

Revenues and expenses are closed to the Income Summary account to determine the net income or loss for the period before closing it to Retained Earnings.

Which of the Following Is a True Statement About Closing