Which of the Following Statements Is Not Correct

question 14

Multiple Choice

Which of the following statements is not correct?

• A) Before the Income Summary account is closed,its balance represents the net income or net loss for the accounting period.
• B) The Income Summary account is a temporary owner's equity account.
• C) The Income Summary account is used only at the end of an accounting period to help with the closing procedure.
• D) The owner's drawing account is closed to the Income Summary Statement.

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Definitions:

Role Set

A role set is a cluster of roles attached to a single status.

Status Group

A social group that people belong to based on factors like prestige, honor, and lifestyle, rather than solely economic or social class.

Role Cluster

A set of roles that are associated with a particular social status or position in society, typically involving expected behaviors and responsibilities.

Robert Provine

A psychologist and neuroscientist known for his research on laughter, tears, and other human behaviors.