> > >

Financial Accounting MCQs

The purpose of the closing process is

to summarize the profit generating activities of a company that occurred during a particular period of time

to disclose the sources of changes in the various permanent shareholders' equity accounts that occurred during the period

to reduce temporary accounts to zero balances and to reflect the changes that have occurred in that account during the period

to present the financial position of the company on a particular date

Answer

Correct Answer: to reduce temporary accounts to zero balances and to reflect the changes that have occurred in that account during the period

Explanation:

Note: This Question is unanswered, help us to find answer for this one

Financial Accounting Skill Assessment

Your Skill Level: Poor

Retake Quizzes to improve it