The closing entry process consists of closing:
A)all asset and liability accounts.
B)out the Retained Earnings account.
C)all permanent accounts.
D)all temporary accounts.

Name: The closing entry process consists of closing: A)all asset and liability accounts. B)out the Retained Earnings account. C)all permanent accounts. D)all temporary accounts.
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Question

Quizplus · Accepted Answer

Temporary accounts, such as revenues, expenses, and dividends, are closed to reset their balances for the next accounting period.

The Closing Entry Process Consists of Closing