Another Name for Income Summary Accounts Is

question 74

Multiple Choice

Another name for income summary accounts is

• A) Permanent accounts
• B) Contra accounts
• C) Accrued accounts
• D) Balance column accounts
• E) Temporary account

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Definitions:

Drawee

The party in a financial transaction who is directed to pay a certain sum of money in a draft or check, typically a bank.

Forged Indorsement

A fraudulent signature, often on the back of a negotiable instrument like a check, intended to transfer its ownership.

Conversion

An unauthorized act that deprives an owner of their property without their approval, often involving theft or misuse of the property.

Required Indorsements

Signatures or stamps mandatory on certain documents to validate them or to transfer rights represented by such documents.