The first step in the closing process is to close:
A)the capital account.
B)the expense account(s).
C)the drawing account.
D)the revenue account(s).

Question

Quizplus · Accepted Answer

The first step in the closing process is to close the revenue account(s). This involves transferring the balance of the revenue account(s) to the income summary account. By doing so, it properly reflects the revenue generated during the period and prepares the business for the next accounting cycle.

The First Step in the Closing Process Is to Close