The first step in the closing process is to close the ...

[lunatika]

The first step in the closing process is to close the _____________ account(s) into the ___________ account(s).
 a. revenue, net income
   b. income summary, revenue
   c. expense, net income
   d. revenue, income summary

Question 2

All of the following items should be discussed in the management discussion and analysis except for:
 
  a. Anticipated changes in the mix and cost of financing resources.
  b. The market value of all assets.
  c. The internal and external sources of liquidity.
  d. Unusual or infrequent transactions that affect income from continuing operations.

[jennafosdick]

Answer to Question 1

d

Answer to Question 2

c

[lunatika]

Thanks for the timely response, appreciate it

[LVPMS]

YES! Correct, THANKS for helping me on my review