The closing entry process consists of closing

Name: The closing entry process consists of closing
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The closing entry process involves closing all temporary or nominal accounts, such as revenue and expense accounts, to the retained earnings account. This leaves only the permanent or real accounts, such as asset and liability accounts, open for the next accounting period. Therefore, the correct choice is D - all temporary accounts.

The Closing Entry Process Consists of Closing