The closing entry process consists of closing
A)all asset and liability accounts.
B)the Retained Earnings account.
C)all permanent accounts.
D)all temporary accounts.

Question

Quizplus · Accepted Answer

The closing entry process involves closing all temporary accounts (such as revenues, expenses, and dividends) to transfer their balances to permanent accounts (like Retained Earnings), preparing the accounts for the next accounting period.

The Closing Entry Process Consists of Closing