When the Balance in the Income Summary Account Is a Credit

question 8

Multiple Choice

When the balance in the Income Summary account is a credit, the company has

• A) incurred a net loss.
• B) incurred a net income.
• C) had more expenses than revenue.
• D) made an error in their closing entries.

---

Definitions:

Null Hypothesis

In statistical testing, it's the hypothesis that assumes no significant difference or relationship between the groups being compared.

Number of Groups

Refers to the distinct categories or partitions within a study or analysis that can include different conditions, treatments, or classifications for comparison.

Null Hypothesis

A statement in statistical hypothesis testing that assumes no effect or no difference between groups or variables.

Number of Groups

Refers to the total count of distinct categories or sets into which subjects or objects are classified for a study or analysis.