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 credited.
D) Dividends received are credited.

Question

Quizplus · Accepted Answer

Dividends received are not part of the closing entries process. Instead, dividends declared (if any) are closed to the retained earnings account.

Which of the Statements About Closing the Accounts Is NOT