Question $6(1$ point$)$

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The closing process includes the following steps:

I. Closing the various expense accounts and transferring their balances to the Income Summary account.

L$.$ Closing the Dividends account and transferring its balance to the Retained Earnings account.

Closing the Income Summary account and transferring its balance to the Retained Earnings account.

Closing the various revenue accounts and transferring their balances to the Income Summary account.

Which of the following correctly describes the order in which these steps should be performed?

A$)$ I, II$,$ III, and IV

B$)$ IV$,$ I, III, and II

C$)$ IV$,$ I, II$,$ and III

D$)$ The order of the steps in the closing process is not important.