Which Statement Is Incorrect

question 128

Multiple Choice

Which statement is incorrect?

• A) Revenue accounts are closed to Income Summary.
• B) Expense accounts are closed to Income Summary.
• C) Income Summary is closed to Capital.
• D) Withdrawals are closed to Income Summary.
• E) Withdrawals are closed to Capital.

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Definitions:

Eight-Byte String

A sequence of data consisting of eight bytes, which can represent a variety of data types, including characters or numerical values.

Bit

Short for binary digit (0s and 1s), the only data that a CPU can process.

Magnetic Tapes

A medium for magnetic recording, made of a thin magnetizable coating on a long, narrow strip of plastic film, used for data storage and backup.

Organizations

Entities comprised of multiple people working together towards a common goal or purpose, often structured in a way to manage resources, processes, and responsibilities.