What is the goal of the closing process?
A)to verify that all adjustments have been made
B)to make sure all temporary accounts have a zero balance
C)to move all equity accounts to Retained Earnings
D)to end the accounting period with a profit

Question

Quizplus · Accepted Answer

The goal of the closing process is to ensure that all temporary accounts, such as revenues, expenses, and dividends, have a zero balance at the end of the accounting period. This prepares the accounts for the next period's transactions.

What Is the Goal of the Closing Process