Which of the statements about closing the accounts is NOT true?
A) Revenue accounts are debited.
B) A net profit is credited to the retained profits account.
C) Expense accounts are reset at zero.
D) Dividends received are credited.

Question

Quizplus · Accepted Answer

Dividends received are not relevant to the closing of accounts process, and therefore are not credited or debited during this process.

Which of the Statements About Closing the Accounts Is NOT