In the closing process which accounts are closed?
A) All ledger accounts
B) All asset, liability and equity accounts
C) All income and expense accounts
D) All accounts that have been adjusted

Question

Quizplus · Accepted Answer

Only income and expense accounts are closed during the closing process. Asset, liability, and equity accounts carry over to the next accounting period. Accounts that have been adjusted may or may not be closed depending on whether they are income or expense accounts.

In the Closing Process Which Accounts Are Closed