The first step in the closing process is to:
A) close all balances on the income statement debit column of the worksheet except Income Summary.
B) transfer the balance from the Income Summary Account to the Capital Account.
C) close all balances on the income statement credit column of the worksheet except Income Summary.
D) transfer the balance of the Owner's Withdrawals Account to Capital.
Answer: C
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Which of the following statements is false?
a. The Bretton Wood System of fixed exchange rates was maintained until 1975. b. Under the Bretton Wood System, one ounce of gold was set equal to $35. c. Under the Bretton Wood System, each participating country had it currency pegged to either gold or the U.S. dollar. d. All of the above statements are correct.
During sporting events at the local high school, Megan runs a concession stand. The costs associated with the purchase of hot dogs, mustard, relish, ketchup, chips, sodas, paper napkins, and cups are all examples of what type of costs?
a. fixed b. variable c. liquidity d. promotional