The Income Summary Account Is Used To

question 8

Multiple Choice

The Income Summary account is used to:

• A)Adjust and update asset and liability accounts.
• B)Close the revenue and expense accounts.
• C)Determine the appropriate withdrawal amount.
• D)Replace the income statement under certain circumstances.
• E)Replace the capital account in some businesses.

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Definitions:

Social Media Engagement

The measure of how people interact with content on social media platforms through likes, shares, comments, and other forms of communication.

Facebook

is a social media platform that allows users to create profiles, upload photos and videos, send messages, and keep in touch with friends, family, and colleagues.

Interact

To act in such a way as to have an effect on another; the process of two or more entities or individuals acting upon one another.

Primary Needs

Fundamental human requirements such as food, water, shelter, and clothing, necessary for survival.