Which of the following is the last step in the procedure of closing accounts at the end of a fiscal period?
A) Close the expense account(s) into Income Summary.
B) Close the drawing account into the capital account.
C) Close the revenue account(s) into Income Summary.
D) Close the income summary account into the capital account.

Question

Quizplus · Accepted Answer

The Answer of Which of the following is the last step in the procedure of closing accounts at the end of a fiscal period?
A) Close the expense account(s) into Income Summary.
B) Close the drawing account into the capital account.
C) Close the revenue account(s) into Income Summary.
D) Close the income summary account into the capital account.

Which of the Following Is the Last Step in the Procedure