Which of the following statements is false regarding the closing process? a. The Dividends account is closed
Question:
Which of the following statements is false regarding the closing process?
a. The Dividends account is closed to Income Summary.
b. The closing of expense accounts results in a debit to Income Summary.
c. The closing of revenues results in a credit to Income Summary.
d. The Income Summary account is closed to the Retained Earnings account.
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Related Book For
Financial Accounting A Business Perspective
ISBN: 9780072289985
7th Edition
Authors: Roger H. Hermanson, James Don Edwards
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