The closing entry process consists of closing
A) all asset and liability accounts.
B) out the owner's capital account.
C) all permanent accounts.
D) all temporary accounts.

Question

Quizplus · Accepted Answer

The closing entry process involves closing all temporary accounts (revenues, expenses, dividends, and income summary) to prepare the company for the next accounting period. Permanent accounts like assets, liabilities, and owner's capital are not closed.

The Closing Entry Process Consists of Closing