Closing entries for a manufacturing firm include all of the following except

Question

Quizplus · Accepted Answer

A) Transferring manufacturing cost accounts to Manufacturing Summary is part of the closing entries for a manufacturing firm.
B) Transferring all revenue and expense account balances to Income Summary is also part of the closing entries for a manufacturing firm.
C) Closing Manufacturing Summary to Income Summary is a necessary step in the closing process for a manufacturing firm.
D) However, closing Income Summary to Net Income is not a closing entry for a manufacturing firm. Rather, it is the final step in the closing process for all types of companies, including manufacturing firms. Thus, the best choice is D.

Closing Entries for a Manufacturing Firm Include All of the Following