The second step in the closing process is to close the _____________ account(s) into the ___________ account(s).
A) expense, income summary
B) income summary, expense
C) expense, net income
D) revenue, income summary

Question

Quizplus · Accepted Answer

The second step in the closing process involves closing expense accounts into the income summary account. This step is crucial for transferring the year's expenses to a temporary account to facilitate the calculation of net income or loss.

The Second Step in the Closing Process Is to Close