Transferring net revenue and expense account balances to retained earnings for the period is referred to as ________.
A) multiple-entry bookkeeping
B) matching the account
C) closing the books
D) single-entry bookkeeping
E) measuring current balance

Question

Quizplus · Accepted Answer

A)Closing the books refers to transferring net revenue and expense account balances to retained earnings for the period. It is performed after all individual transactions are recorded and summarized.
B)Closing the books refers to transferring net revenue and expense account balances to retained earnings for the period. It is performed after all individual transactions are recorded and summarized.
C)Closing the books refers to transferring net revenue and expense account balances to retained earnings for the period. It is performed after all individual transactions are recorded and summarized.
D)Closing the books refers to transferring net revenue and expense account balances to retained earnings for the period. It is performed after all individual transactions are recorded and summarized.
E)Closing the books refers to transferring net revenue and expense account balances to retained earnings for the period. It is performed after all individual transactions are recorded and summarized.

Transferring Net Revenue and Expense Account Balances to Retained Earnings